GBP/USD 07.02.2017 D1 chart.
Long term downtrend, mid term consolidation and short term downward movement.
Price breaks below horizontal support - current resistance.
A Double Top formation below 23,6 Fibonacci.
Indicators:
Price below SMA50 and SMA200 in bearish formation - downward movement
DeM(14) reverses and breaks below 0,7 - negative signal
CCI(50) crosses below 0 - sell
We can wait a correction at the test of the break to minimize risk or now.
SL 1,2552
Alternative scenario: If price breaks back above the horizontal resistance and remains above for 3 bars this will cancel the negative scenario.
Trader Nikolay Georgiev
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