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GBP/USD reacting strongly from our selling area, remain bearish

Posted On 27 Nov 2017
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The price has risen and tested our selling area before reacting off it strongly. We remain bearish looking to sell below major resistance at 1.3340 (Fibonacci retracement, horizontal overlap resistance, bearish divergence) and we expect to see a major drop from here towards 1.3050 support (Fibonacci extension, horizontal swing low support).

Stochastic (55,3,1) also sees major resistance at 96% and there’s bearish divergence signaling that a reversal is impending.

Sell below 1.3340. Stop loss is at 1.3467. Take profit is at 1.3050.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: GBP/USD reacting strongly from our selling area, remain bearish

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