GBPUSD Daily, short; RSI oversold and resistance respected

FX:GBPUSD   British Pound / U.S. Dollar
Recently the pair respected resistance, labelled "Potential Price Resistance". The RSI is also in oversold territory. UK construction data came out quite positive but price action failed to show buying pressure. The lack of buyers may add selling pressure. Further Brexit news may start colouring a more negative picture for the Pound (GBP).

Splitting the trade into two, I have two take profits (TP) at the two lower gold support lines. TP1: 1.2545 and TP2: 1.24. Giving around 9:1 and 6:1 reward to risk ratios. The stop loss (SL) is just above the recent price resistance. Options to move the stop loss to neutral (entry price) exist if the price moves in a bearish direction. I will move the SL to neutral if the price reaches 1.277, near the gold support at fib 23.6%.
Comment: To be more explicit, I will open a short trade at or just below the resistance line labelled "Potential Price Resistance". Targets are mentioned above.
Comment: A correction, RSI is in overbought territory, not oversold as stated above.
Trade closed: stop reached: The price moved up above the resistance line and the stop loss was triggered.
thank you very much :)
Quadricolor CanerSehit
@CanerSehit, My pleasure.
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out