GBPUSD is approaching resistance, potential drop!
GBPUSD broke out of our long term ascending support-turned-resistance line and is approaching our first resistance at 1.3987 (horizontal overlap resistance). A strong reaction might occur below this level, pushing price down to our major support at 1.3793 (horizontal swing low support, 23.6% Fibonacci retracement, 100% Fibonacci retracement).
RSI (34) is also seeing a bearish exit and might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (34) is also seeing a bearish exit and might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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