Forex Intraday: GBP/USD with "Sell" opportunities after a test of the broken support

05.03.2019 / 11:21

Rating:

GBP/USD

Time frame: H1

Technical analysis: The pair has been moving into a pronounced trend channel that was broken yesterday. At the moment the pair is trying to retest the support (already resistance) as well as 50 EMA. At the same time, the price is below 23.6% on Fibonacci, a correction from the top formed on 27.02.19, 50 EMA and the broken support of the trend channel. This gives further indication that the downward movement has not yet over.

Once the price retests we can position ourselves short.

Indicators: The price is below 50 EMA, and it plays a role of strong resistance.

DeM - in neutral territory and does not give signals.

Entry into a deal: Only after a test of broken support.

SL: 1.3240

Alternative Scenario: If the price returns and stays above the broken support, it will continue to appreciate.

Trader Milko Zashev

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Forex Intraday: GBP/USD with "Sell" opportunities after a test of the broken support

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