1. GBP/USD broke its upward trend-line 2 days ago.
2. The line was tested to be a resistance.
3. Price movement currently goes down along with its trading channel and the 21-hour EMA.
4. Meanwhile, 1.3620 has been a key level as it is a Fibonacci retracement level (23.6%), former tops and bottoms in hourly chart.
It is a short-term trading (possibly a day trade)
Trades:
SELL at spot (1.3595 at the moment)
Upside Stop: Close above 1.3620 on 1-hour chart
Downside Target: 1.3570
Downside Target (Agressively): 1.3530
2. The line was tested to be a resistance.
3. Price movement currently goes down along with its trading channel and the 21-hour EMA.
4. Meanwhile, 1.3620 has been a key level as it is a Fibonacci retracement level (23.6%), former tops and bottoms in hourly chart.
It is a short-term trading (possibly a day trade)
Trades:
SELL at spot (1.3595 at the moment)
Upside Stop: Close above 1.3620 on 1-hour chart
Downside Target: 1.3570
Downside Target (Agressively): 1.3530
Trade closed: stop reached:
The strategy failed and stop loss was hit.
The daily trade was stopped when GBP/USD broke 1.3620.
Opened @ 1.3595 > Closed @ 1.3631 (36 pips loss)
Post-trading personal bias:
Still bearish in personal view.
What I am watching:
1. First resistance: 4-hour chart 21 EMA (around 1.3631)
2. Key resistance: Former upward trend-line (around 1.3710)
3. Daily ROC declined and turned south
4. Daily MACD is getting to cross
The daily trade was stopped when GBP/USD broke 1.3620.
Opened @ 1.3595 > Closed @ 1.3631 (36 pips loss)
Post-trading personal bias:
Still bearish in personal view.
What I am watching:
1. First resistance: 4-hour chart 21 EMA (around 1.3631)
2. Key resistance: Former upward trend-line (around 1.3710)
3. Daily ROC declined and turned south
4. Daily MACD is getting to cross