Here are two chart For GBPUSD Trading Entry Level indicators as below as -
Two weeks ago the pair gave us a nice bull flag on the 4 hour time frame . Upon breaching resistance, the pair ran for 540 pips before finding selling pressure at the multi-year high at 2.4025.

I want to emphasize the fact that the Double Top Pattern shown below is not yet an active setup as the neckline at 2.3155 remains in tact. Only a close below this level would confirm the topping pattern and open up the potential for a larger move to the downside.
But I want to be a sell Entry current level to make some pips target 1.3270.

As for potential targets below the neckline, we have the June and July 10th low at 2.2992 and 2.2700 as well as the measured objectives at Fibo level 38.2% @ 2.2260. A look at the weekly chart illustrates how this level lines up with the August 2010 high as well as several other highs and lows between 2009 and 2010.

Summary: I would like to make first target 2.3270 and then Wait for a close below 2.3150 and then watch for a selling opportunity on a retest as new resistance. Key levels to the downside include 2.2992 , 2.2700 and Fibo level 38.2% @ 2.2260.
Translate to English Show original