Technical take on GBP/USD
As you can see from the stochastic oscillator this currency pair has been in an overbought level for a while. Yesterday we saw the pair close above the 0.00 level on the Fibonacci retracement, breaking out from the previous price range a couple days before, largely due to dollar weakness. For our setup to trigger we will need the price to retrace, confirming the false breakout.
Trade: GBP/USD
- Entry Short (Sell): 1.3934
- Stop Loss: 1.4010
- TP1: 1.3864
- TP2: 1.3744
Always remember to apply your risk management measures before placing your trades as this will keep you trading in the markets.
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