GBP/USD: Shorting the Range Top. Pressure Building.
GBP/USDShortScalp1w ago15 views
Trade Setup
Entry Price
1.2659
Stop Loss
1.2671
Take Profit
1.2629
Risk : Reward
1 : 2.50
RiskReward
Market Read
GBP/USD is stuck in a sideways grind, currently at 1.26566. We've seen resistance hold strong at 1.2667 and the top of the day range at 1.26665. The slight uptick of 0.05% on the 24h chart isn't convincing me the bulls are taking over. With the dollar showing signs of renewed strength, that 1.2667 level is a brick wall for now.
The Play
My setup is short, scalping this rejection from the range high. Entry at 1.2659 is a textbook play right below that key resistance. Stop Loss is tight at 1.2671 – no room for error if it breaks. Take Profit set for 1.2629, targeting a quick drop towards the 1.2647 support and beyond. Simple is best. Let it play out.
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