We have a potential short opportunity on the 4hr GBPUSD chart.
Reasons for entry:
- Price hitting trendline
- Price finding resistance at previous support
- RSI Overbought
- Bearish candlestick patterns
Exit Strategy
- Stop around 1.5511
- Target 1.5352
- 3R Trade
Things to consider:
The USD is showing quite a lot of weakness across the pairs, so there is a good chance that this pair will continue higher. We might also find a fake breakout, so if our first trade gets stopped out, let's be on the lookout for a second short opportunity (providing it doesn't close significantly above the trendline.
Let me know what you think. For more see fxcoach.tv
Reasons for entry:
- Price hitting trendline
- Price finding resistance at previous support
- RSI Overbought
- Bearish candlestick patterns
Exit Strategy
- Stop around 1.5511
- Target 1.5352
- 3R Trade
Things to consider:
The USD is showing quite a lot of weakness across the pairs, so there is a good chance that this pair will continue higher. We might also find a fake breakout, so if our first trade gets stopped out, let's be on the lookout for a second short opportunity (providing it doesn't close significantly above the trendline.
Let me know what you think. For more see fxcoach.tv