This is how GBPUSD presents a handsome short trade opportunityTrade Idea:
We can see that GBPUSD has formed a double top and price has broken the neckline of the M formation, now price has retested the neckline so I will only be looking for short trades targeting next S/R zones as illustrated in the chart.
Previously, I took a short trade when price retraced back to the 0.618 level (also my favourite retracement level), targeting the next S/R zones, however, the next safe entry level would be a retest of the EMA14&21 in combination with favourable rejection/reversal candles.
TP & SL Levels:
TP1: 1.2076
TP2: 1.1943
SL: 1.2243
Technical Analysis:
* Price below 200EMA.
* RSI 14 below 45.
* Respecting the Light Blue Downwards Trend line
* Break and Retest of the Neckline
Fundamental Analysis:
Brexit Talk with EU not going well (Bearish GBP)
UK issuing negative yield government bonds (Bearish GBP)
