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UnknownUnicorn8714085

GBPUSD - Short Position, R:R 1:5

Short
British Pound / U.S. Dollar (FOREXCOM:GBPUSD)  
UnknownUnicorn8714085 Updated   
FOREXCOM:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Chart Patterns Technical Indicators GBPUSD gbpusdshort Fibonacci Retracement descendingtrendline shortposition
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trendanalysis chartpattern indicator gbpusd gbpusdshort fibonacciretracement descendingtrendline shortposition
GBPUSD - Short Position, R:R 1:5. I am taking a short trade on GBPUSD after price has shown rejection on lower timeframes (15M & 1H) and is respecting the descending trend line. My target is the next key level at 1.21700 which gives me a great R:R of 1:5. When applying the Fibonacci Retracement tool, price is also showing rejection at the 61.8% level which gives me a strong indication that price will soon drop to the downside.
Trade active:
+25 Pips. Continuing to hold and monitor.
Trade closed: stop reached
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