Quadricolor
Short

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%.
May 04
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.
May 04
Comment: A correction, RSI is in overbought territory, not oversold as stated above.
May 05
Trade closed: stop reached: The price moved up above the resistance line and the stop loss was triggered.
thank you very much :)
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Quadricolor CanerSehit
@CanerSehit, My pleasure.
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