GBPUSD: Potential trade setup shorting hourly
There is a potential 7:1 shorting opportunity forming on the hourly chart of the currency pair.
If the pair can violate the uptrend resistance as well as the 1.252 resistance, then this will confirm a continuation of the downtrend where I see it hitting the 1.237 level or the 0.618 fib retracement.
This is likely given the fresh disastrous economic data as well as fading hopes of an economic rebound.
The pair is already in a downtrend and despite a bounce in the RSI , it is trending downwards. Additionally, the pull back is running out of steam, with volume fading.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.