GBPUSD has formed a double top for the last few weeks, which is a bearish sign.
A weakness of the Bullish trend.
It broke the 1.2200 Support Area and bounced off around the 1.2100 area.
Currently, the cable/GU will retest the 1.2200 as a resistance, and might break it as well as the bearish trendline.
If it breaks both the trendline and the resistance, Idea is scrapped. And out of the trade.
For now I'm gonna look for short in GU and wait for more candle confirmation and rejection at the resistance, such as a bearish engulfing candle.
And a probable Take profit area is around 1.1900 which also is the 1.618 fibonacci extension.
A weakness of the Bullish trend.
It broke the 1.2200 Support Area and bounced off around the 1.2100 area.
Currently, the cable/GU will retest the 1.2200 as a resistance, and might break it as well as the bearish trendline.
If it breaks both the trendline and the resistance, Idea is scrapped. And out of the trade.
For now I'm gonna look for short in GU and wait for more candle confirmation and rejection at the resistance, such as a bearish engulfing candle.
And a probable Take profit area is around 1.1900 which also is the 1.618 fibonacci extension.
