GBP/USD BULLISH TREND RETRACEMENT
This instrument has been bullish looking at the overall market structure from daily time period. However, price is now at a key zone of resistance signaling possible bull back away from structure level before it would resume its dominant trend up north. So, we can short the market now given that it's at stochastic's over bought level. Fibonacci golden levels of 50%/61.8% could tells how dip the retracement could go, thus we set out take profit at either of the fib price levels. Stop could be placed above the high of the resistance level. Good luck guys!
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.