Bearish Setup On GBPUSD
FХ Strategist & Financial Commentator
During yesterday’s session anyway, we had a first correction, setting a daily shooting star candle with a closure around 1.2580 area.
A bearish setup was consequently set on the RSI, that combined with the test of the major resistance around 1.2650 area could favour a technical correction. The Average True Range on the other hand is currently working around the 2019 levels, showing a convincing stability after the previous storm.
The bearish setup would be activated in case of a breakdown of yesterday’s bottom at 1.2520 area, with a stop loss to place at 1.2680 above the major resistance. The target price on the other hand could be expected at 1.2360 area close to last week’s closing area.
As always I recommend to trade carefully and to plan at best every move. Don’t forget to subscribe to NBHM YouTube Channel to stay up to date with the financial markets! Have a good trading and see you for the next video.