GBPUSD: Short trades in play

The GBPUSD was rejected from the long term resistance zone around 1.6620, this makes me think the market will go short in search for the next support zone, located around 1.5914. Please take a look at the chat below:

GBPUSD Pound Dollar

GBPUSD Pound Dollar

My trading plan:

As long as the market continues to trade below 1.6327 I will look for short opportunities (already have one short). All take profit orders will be placed 40-50 pips above the main support zone.

Good luck with your trading!

Raul Lopez

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Raul Lopez

I've been trading the markets for more than 12 years. All my trades are based on price action. Check out my Coaching program, I can help you develop a system that helps you trade with better results.