Forex GBP/USD D1 Technical Analysis Our expectations:
Short trend and short-term long correction. The price reached the first resistance zone. This provide an opportunity for aggressive entry with a close stop and a good risk/return ratio.
Price action: Pin bar at resistance level.
Indicators:
Test at 23.6% Fibonacci, the price holds below.
50SMA below 200SMA Short Trend Verification
Stochastic turns below 0.80 - a signal for decrease.
SL: 1.32 stop deliberately moved out of the bundles to prevent triggering.
Alternative scenario: Break above 1.32 means a breakthrough of the resistance and the previous peak and would lead to an ascending formation.
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