Dear GBP/USD Trading Signal Traders

The trading signal from last time played wonderfully well. I have just taken profits today, because of a slight hesitation in price action. There were a few bearish rejections and this has led me to take money off the table. This hesitation is coinciding with a major resistance area and this makes it even stronger.

Today’s trading signal is coming from the GBP/USD. I am spotting a bearish engulfing pattern just around a major resistance area (previous high). The price has tried breaking out of the previous high, but did not manage to hold over this level for long enough. Now, I can definitely see a lot of sellers returning and changing at least the minor trend. I am looking to go short around 1.4575. My stop-loss would be placed just over 1.4770. My first price target is the level of 1.4300. Then, if price action does not indicate hesitation or profit taking, I will be looking for the next target- 1.4000.

Happy Trading,

Colibri Trader

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