Now we have a sell trade setup developing in the GBPUSD pair. Indeed the signal seems so clear that I imagine some traders would already be in this market. This is because we can see prices rising into a clear resistance zone after several days of sideways movement. After last Friday's spinning top (or doji, I really dont know or care the proper names) prices have stalled. The probabilty of prices going lower is further confirmed by a CCI divergence as seen with the purple lines on the chart and oscillator.
For our setup to confirm a sell signal we need today's candle to close near the low of the day. If this happens then we'll enter a sell position upon the break of that low.
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