GBP/USD has formed a strong reversal, time to start selling

The price has dropped strongly since yesterday and has started to form a really strong reversal setup. We look to sell below major resistance at 1.3120 (Fibonacci retracement, horizontal overlap resistance) for a push down to at least 1.3048 support (Fibonacci extension, horizontal swing low support).

RSI (34) sees descending resistance and immediate resistance at 46% which is supporting our bearish view.

Sell below 1.3120. Stop loss is at 1.3178. Take profit is at 1.3048.


The material has been provided by InstaForex Company -