GBP/USD Sell - 15 Mins
Trading Idea: GBP/USD Sell Position
Trade Overview:
Entry: Near 1.26870
Take Profit (TP): 1.26400 (Key Support Zone)
Stop Loss (SL): 1.27108 (Above Resistance)
Risk-to-Reward Ratio: ~2.5:1
Technical Analysis:
Triple Top Formation:
A clear Triple Top pattern has formed near the resistance zone, signaling exhaustion in bullish momentum and a potential reversal.
Rejections from 1.27100–1.27200 highlight strong seller presence.
Break of Structure (BOS):
Price broke below the recent support level, confirming a shift in market structure from bullish to bearish.
Bearish Momentum:
Price is consolidating under the resistance zone, with lower highs forming, indicating sellers are gaining control.
Moving averages (likely 50 EMA and 20 EMA) appear to act as dynamic resistance.
Target Support:
The TP at 1.26400 aligns with a significant demand zone and prior support, making it a logical downside target.
Trade Overview:
Entry: Near 1.26870
Take Profit (TP): 1.26400 (Key Support Zone)
Stop Loss (SL): 1.27108 (Above Resistance)
Risk-to-Reward Ratio: ~2.5:1
Technical Analysis:
Triple Top Formation:
A clear Triple Top pattern has formed near the resistance zone, signaling exhaustion in bullish momentum and a potential reversal.
Rejections from 1.27100–1.27200 highlight strong seller presence.
Break of Structure (BOS):
Price broke below the recent support level, confirming a shift in market structure from bullish to bearish.
Bearish Momentum:
Price is consolidating under the resistance zone, with lower highs forming, indicating sellers are gaining control.
Moving averages (likely 50 EMA and 20 EMA) appear to act as dynamic resistance.
Target Support:
The TP at 1.26400 aligns with a significant demand zone and prior support, making it a logical downside target.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.