GBPUSD SELL SETUP
Updated
Here we have GBPUSD in a supply zone that was created back on 2/27/2017 which is part of a bigger downtrend from the Brexit sell setup back in June. Price reached a demand zone back on 3/14 and has rallied all the way back up into the supply zone. I expect another sell setup from this area. Price should start to exhaust and drop back down to 1.21. Wait for price to break and close below daily trendline. From there price you can look for a sell setup and a possible 400 pip drop.
Note
Price has broken daily trendline and we can see price drop even further to the next zone of 1.23500. Look for an engulfing bearish candlestick to ride trend back down on smaller timeframe. If price can break next zone we can see price drop to 1.22. Move up SL to BE. Enjoy the wave
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