GBPUSD May Retrace! Trading Plan

2020-01-16 21:44:05

https://www.tradingview.com/x/HdZtYSVz/

GBPUSD is approaching a resistance line of a triangle on 4H.
the pair is currently quite weak so we will most likely see a pullback.

the strong bearish reaction should start from the underlined blue area on 1H chart
for confirmation, wait for a bearish breakout of a rising wedge.

target levels here a very limited:
1.301
1.298

stop will be above the highest point of the wedge

*if bulls push the market above the underlined resistance
the setup will be invalid and our bias will switch to bullish