GBP/USD:
Date: 20 March, 2017
H4 Graph: Long term short, Short term short move
Price made a correction and now it stopped its rise at exactly Fibo 50%. In this zone there is a diagonal resistance and horizontal resistance. Also the 200 ЕМА is acting as a dynamic resistance. It is possible that the price will continue to stay within the bearish channel and fall from here.
Price Action: Doji bar at levels of strong diagonal and horizontal resistance - Possible signal for short.
DEM: In overbought zone and possibly turned down for short
Alternative scenario: If the price continue to move higher and passes above the Fib 50% and horizontal resistance, this will cancel the bearish setup.
Price for Entry short around: 1.23950
SL: 1.24400
Trader - S. Fuchedzhiev
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