GBPUSD Potential Sell Setup
Updated
Looking for shorts around 1.3933 with stops around 1.3997, targets @ 1.3845 & 1.37665
Reasons to consider this trade setup
=> Trade Setup has decent risk to reward ratio.
=> Day time frame close last week was bearish.
=> Price found sellers at weekly resistance level @ 1.3980
=> Short term selling makes sense since on hourly time we have chart pattern (rising wedge) breakout confirmation
Reasons to avoid this trade setup
=> Bullish Weekly candle close.
=> Price trend was bullish for 4 consecutive days last week indicating potential change in trend for short term.
Reasons to consider this trade setup
=> Trade Setup has decent risk to reward ratio.
=> Day time frame close last week was bearish.
=> Price found sellers at weekly resistance level @ 1.3980
=> Short term selling makes sense since on hourly time we have chart pattern (rising wedge) breakout confirmation
Reasons to avoid this trade setup
=> Bullish Weekly candle close.
=> Price trend was bullish for 4 consecutive days last week indicating potential change in trend for short term.
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