Short on the Pound Dollar

FX:GBPUSD   British Pound / U.S. Dollar
Stochastic is extremely overbought and a retracement is very likely to happen very quickly. This chart above if from the 1 day time frame, there has been 4 bounces off the top trendline and 2 bounces off the bottom. Every time that it hits the trendline an bounces off on the 1 day time frame it has a large retracement for days / weeks. There is support around the 1.26975 level
And resistance around the 1.31920. I have a suitable stop loss in mind of 1.29943 as it is also the first level of strong resistance nears test to price at the moment on the 1 day time frame. The take profit would be set at 1.26364, this would have a nice risk to reward ratio of %1.73. The confirmation for putting this trade on will be a red day candle for tomorrow, and price going through 1.28613 (pending order is waiting).


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