GBP/USD:
Date: 8 May, 2017
H4 Graph: Long Term short trend, short term long move, possible chance into short move with the overall trend.
On D1 graph, price reached horizontal resistance around current levels below 1.30 and it stopped its rise just below the Fibo 38.2%. Looking at the H4 graph, price action shows that there might be a topping formation happening. Price also fell below its immediate support below 1.29500, after it tried to make a break above 1.30, but it was a false break. Following the horizontal resistance and Fibo level from the bigger picture and D1 and price action from the H4 graph, this is a good level for short with relatively small SL. The pair was not able to break above the physiologically important 1.30 level after attempting 3 times.
DEM - Close to the overbought zone
Alternative scenario: If the price continue going up and passes above the previous high above 1.30 and above Fibo 38.2%, this will cancel the bearish setup.
Price for Entry short around: 1.29450
SL: 1.3010
Trader Senan Fuchedzhiev
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