We try in countercorrent, GBP is in a good channel up, but i think after a week of 200 pips gain (150 of witch catched with my previous indication), GBP could drawdown 100-150 pips.
Stochastic is in overbought
dollar index in daily chart is closed in a triangle congestion with lower dinamic resistance.
setup was great but i wouldve set stop above .617 which is pretty much key level for bull/bear fight. it will be a shame if uk gdp turns out to be lower than expected. also 4H rsi divergence backs up your setup. same divergence can be seen 4h eurgbp which points to further gbp weakness. its not late to retry though. short with 30-40 pips of stop loss doesnt sound much of a risk.
Yes it s true.
I haven t study much the stop loss level.
1,6170 was better resistance level looking at daily chart.
I always think that gbp could retrace down to 1,6050 - 1,600
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