GBPUSD Sell off analysis! Seems pretty straight forward, wouldn't you agree? Monthly resistance not broken yet, and the fibonacci lines up perfectly for a sell. There is a 50 and 200 SMA that price is below too.. but I try not to use too many indicators, as I am a straight up price action trader. Would love to get your thoughts!
You can see over the year we have been trading between the two main support and resistance. From price action you can see this market is starting to lose momentum trying to break through the resistance barrier. Bearish candle sticks and short term 2 hourly trend line has been broken. Think its time the pound dropped!
let me know what you think!
The pound seems to be in a very large flag pattern, but a mini triangle pattern, so this brings about the perfect swing trade,the 200 MA will provide resistance and so thats the stop-loss, but the short is when the Pound drops below the 100 MA till the lower support trendline.