GBPUSD, 4hr tf, sell on confluence of resistance
Hello my friends,
Today we are going to sell GBPUSD as i think price pretty much overbought and looks like bulls start to exhausted.
If we do an Elliott Wave count, we found that we are at the end of Wave-5 and pretty much we will see an ABC correction soon.
Price also moving inside this upwards channel respecting it for the last 4 weeks.
Finally it come to meet an area of confluence resistance at 1.3485 and was rejected from it twice already.
With this second rejection at this resistance then i am convinced we could try selling GBPUSD now.
Sell GBPUPSD 1.3475
Stop loss 1.3520
Take profit 1.3295 (4R)
RR ratio 1 : 4
Use only 1-2% risk
Good luck
Today we are going to sell GBPUSD as i think price pretty much overbought and looks like bulls start to exhausted.
If we do an Elliott Wave count, we found that we are at the end of Wave-5 and pretty much we will see an ABC correction soon.
Price also moving inside this upwards channel respecting it for the last 4 weeks.
Finally it come to meet an area of confluence resistance at 1.3485 and was rejected from it twice already.
With this second rejection at this resistance then i am convinced we could try selling GBPUSD now.
Sell GBPUPSD 1.3475
Stop loss 1.3520
Take profit 1.3295 (4R)
RR ratio 1 : 4
Use only 1-2% risk
Good luck
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