GBPUSD - Looking For A Reversal Signal
Hello traders. I am going to share with you a trading opportunity for next week, October 14th to 18th. I will be focusing on the GBPUSD pair.
In the last couple of days, the GBPUSD pair has skyrocketed and reached a psychological level, 1.2700. Besides that, the price has touched the 200 EMA line, which acts as a great resistance. The price tends to react when it touches the 200 EMA line and when it is near the psychological level. So with these in mind, I am looking for a signal to SELL.
Moving on to MACD indicator, we can see that bearish divergence is forming. It is not fully formed yet and obviously we need to wait until the pattern has completely formed before we can enter a trade.
My plan for this week will be waiting for the MACD indicator to show bearish divergence and to see how the price will react around the 1.2700 - 1.2800 level. If everything goes as planned, then I will SELL this pair.
Good luck, happy trading!
Rico Ferdinand Yapotra
Chart Disclaimer : This is not advice or recommendation to trade. It is pure educational and general information only. Do your own research before you decide to buy/sell the markets. Be aware of the risks.