GBPUSD: Sell Signal from 1.30000 Key Resistance
British Pound/U.S. Dollar FX:GBPUSD
If we look at the daily and 4H charts of GBPUSD , we will see the overbought market. The price reached 1.30000 – the strong resistance level based on the round number. What does it mean? It means that we can use lower timeframes for searching good sell opportunities. The 1H chart can provide us an interesting sell signal based on a breakout below the main uptrend line. If so, the estimated entry level can be below 1.29350 with stop-loss orders above 1.30000 resistance and the local swing high. Profit targets should be placed at the support levels.
Source: TW DLavrov