GBP/USD approaching major resistance, prepare to sell

Price is approaching major resistance at 1.3044 (Fibonacci extension, horizontal swing high resistance) and we expect a major reaction off this level for a drop to at least 1.2935 (Fibonacci retracement, Elliott wave theory) which needs to be broken to confirm a major drop.

Stochastic (34,5,3) is testing 96% resistance and price is definitely in strongly overbought territory.

Sell below 1.3044. Stop loss at 1.3081. Take profit at 1.2935.


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