$GBPUSD Trade Setup

Sunday, March 9, 20140 comments

This is a SHORT set up before a cypher form. Thought behind this trade is:

1. Its at a strong resistant level on weekly chart

2. USD denominate pairs also showing strong dollar

3. Double top on daily chart

4. Risk reward is very good

5. Possible to go even lower as if it follow weekly chart, it will drop even lower if the support break.

SHORT @ 1.6741
Stop Loss: 1.6850
Target: 1.6062

good luck!
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