Short GBPUSD Off Key Level
Sell GBPUSD 1.39000 SL 1.39130 TP1 1.38500 TP2 1.38000
Context:
- USD favorited news catalyst for Wednesday's ADP
- New Minor Structure downtrend identified
Confluence Details:
-Trading off key area 1.39000
- H1 0.382 Fib level at 1.38980 (beginning of new trend so expecting strong downside)
- H1 20MA dynamic resistance level at 1.39000
- H1 50MA dynamic resistance level at 1.39080
- Looking for a pin bar reversal off 0.50 fib level to confirm downtrend continuation at 1.39050 + 1.39000 new resistance level
- Entry confirmed once H1 price action identified: Either bearish engulfing or some sort of 3-bar variation pattern.
Context:
- USD favorited news catalyst for Wednesday's ADP
- New Minor Structure downtrend identified
Confluence Details:
-Trading off key area 1.39000
- H1 0.382 Fib level at 1.38980 (beginning of new trend so expecting strong downside)
- H1 20MA dynamic resistance level at 1.39000
- H1 50MA dynamic resistance level at 1.39080
- Looking for a pin bar reversal off 0.50 fib level to confirm downtrend continuation at 1.39050 + 1.39000 new resistance level
- Entry confirmed once H1 price action identified: Either bearish engulfing or some sort of 3-bar variation pattern.
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