GBP/USD SHORT - Shooting Star/Wicks/Reversal/Resistance/Fib
Updated
I have taken a short position on this pair, after a strong bullish uptrend past the psychological resistance level of 1.25, price should be heading on its way back to retest the level as new found support. Price is also being pushed down as there is resistance at 1.2545 as you can see on the chart. Long wicks also mean that a reversal could be on the cards so I've entered short. My TP is set just above the 38.2% fib level as shown on the chart which is also the support level which is another confluence.
TP @ 1.25067
SL @ 1.2566
R/R @ 1.73
TP @ 1.25067
SL @ 1.2566
R/R @ 1.73
Trade closed: stop reached
Price Spiked up, hit my SL, and then melted quickly to my TP. Nice bit of manipulation.
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