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UnknownUnicorn772665

GBPUSD Short Trade *FIBONACCI & TRENDLINE*

Short
British Pound / U.S. Dollar (FX:GBPUSD)  
UnknownUnicorn772665 Updated   
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Technical Indicators Chart Patterns GBPUSD USD GBP cableshort Fibonacci Retracement
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trendanalysis indicator chartpattern gbpusd usd gbp cableshort fibonacciretracement
GBPUSD has now reached the defending trendline on the 1hr/4hr lower highs.

I have a Fibonacci Retracement cluster in this zone with the 0.618 and 0.786 levels providing a good potential resistance. There is also the descending trendline here and previous support zone.

Stop loss is 45pips above the current highs.

I am targeting previous lows for profit taking but I will pay attention to the zone around 1.31. There is an ascending TL here and price has previously bounced around that zone.
Trade active
Comment:
Very choppy but resistance at 1.32420 is still holding strong.
Comment:
Recent support levels broken... next target is 1.30
Trade closed: target reached

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