Potential Near Market Short Opportunity on GBP/USD Pullback
The GBP/USD is approaching a Fibonacci and structure confluence zone which may result in the end of the current retracement. I will be looking to enter short once RSI confirms the end of the retracement and looking for targets at a 127.2% extension. This results in a positive risk-reward scenario with stops at 1.4070. The green zone indicates profit targets and at that zone, there is both a Fibonacci level and an AB=CD pattern completion. The profit zone is also near previous structure resistance. Stops are placed in the red zone above the previous outside return as the trend will be violated if the price reaches that zone.
Risk: 155 pips
Reward: 240 pips
Risk: 155 pips
Reward: 240 pips
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.