GBP/USD:
Date: 6 March, 2017
H4: Long term short Trend, Short term short
Price made a correction looking at the bigger picture up to Fibo 23.6%. Now the price of the pair did made small correction up on H4 Graph and stopped right below the diagonal resistance and started moving down. Trading down at horizontal support zone now, but it seems that possibly will continue down. 50 EMA is below the 200 EMA and price is below both moving averages.
DEM: Is in the middle of its range, but pointing down for short.
Alternative scenario: If the price start going up again and passes above the previous high at 1.2300, this will cancel the bearish setup.
Price for Entry short around: 1.22400
SL: 1.23300
Trader - S. Fuchedzhiev
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