GBPUSD Rejecting upper resistance

GBPUSD Rejecting upper resistance

GBPUSD failed to breakthrough the strong resistance near 1.66xx level and we saw a sharp drop which created another shooting star formation on weekly. Previous shooting star formation didn’t get its confirmation candle well lets see how market react this time. If confirmation candle formed Shorting GBPUSD will be a good idea. We can see a big engulfing pattern on daily chart and after sharp fall we might see some retracement at the range of 50% of engulfing pattern a small risked short can be done.


Key Points-

– Weekly resistance

-Shooting star

– Confirmation candle

– Bearish Engulfing Pattern

– 50% retracement Entry


GBPUSD Rejecting upper resistance