GBP/USD - 4 Hour
Long or Short: Short
Entry Point: 1.6150 (At Market)
Stop Loss: 1.6225
Profit Target/s: 1st: 1.6050 (At Fib 50), 2nd 1.6000 (At Fib 61.8)
Reward-to-risk Ratio: 2:1(If both targets achieved)
Risk percentage: 1 %
Indicators used: 40 SMA and Fibonacci
Trade Rationale: 40 SMA which was acting as a support is currently turned to resistance. Also currently the pair is in a retracement and the same can go down at least up to previous support levels at Fib 50 % (1.6050) and at Fib 61.8 % (1.6000).
Trade Adjustments: A close monitoring is required to shift profit target to Fib 61.8%(1.6000)
