GBP/USD approaching major resistance, prepare to sell

Price is approaching major resistance at 1.2930 (Fibonacci retracement, horizontal pullback resistance, bearish divergence) and we expect to see a strong reaction off this level for a drop to at least 1.2844 support (Fibonacci extension, horizontal swing low support).

Stochastic (34,5,3) is seeing the major resistance below 88% and also sees a bearish divergence vs price signalling that a reversal is fast approaching.

Sell below 1.2930. Stop loss at 1.2974. Take profit at 1.2844.


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