MEX_Exchange

GBPUSD on major resistance, time to sell

FX:GBPUSD   Pound British/Dolar U.S
GBPUSD             is testing major resistance and has presented us a good opportunity to sell.

Sell below 1.3923. Stop loss at 1.4005. Take profit at 1.3722.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.3923 ( Fibonacci retracement , horizontal overlap resistance, descending resistance) and a strong reaction could occur at this level to push prices down to 1.3722 support ( Fibonacci extension , horizontal swing low support). We do have to be cautious of intermediate support at 1.3793 ( Fibonacci retracement , horizontal swing low support) which price might bounce off as it approaching our profit target.
Stochastic (34,5,3) is seeing major resistance at 96% where a corresponding reaction could occur.
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please tell me timeframe of above strategy of GBPUSD? anyone
Balas
@tradeguy, 1 Hour
Balas
thats what i was waiting for... thanks for the confirmation
Balas
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