GBPUSD - Dark Cloud signal at resistance
Dark cloud signal rejecting both horizontal support and sideways trendline resistance. A very bearish signal.
After entering the trade, I noticed a few things. First, the DCC pulls back to the previous sideways S/R level and horizontal S/R. If these levels hold, we could see further upside.
There's also a Fib38% level just below that support. However, overall is a very bearish signal, so I'm going to go SHORT but watch carefully. If price holds at the apex of Fib38%, and blue/red trendline supports, then exit position and consider going long.
After entering the trade, I noticed a few things. First, the DCC pulls back to the previous sideways S/R level and horizontal S/R. If these levels hold, we could see further upside.
There's also a Fib38% level just below that support. However, overall is a very bearish signal, so I'm going to go SHORT but watch carefully. If price holds at the apex of Fib38%, and blue/red trendline supports, then exit position and consider going long.
