GBPUSD approaching resistance, potential drop!
Price is approaching our first resistance at 1.3159 (horizontal swing high resistance, 61.8%, 100% Fibonacci extension, 50% Fibonacci retracement) which coincides with our long term descending resistance line and might potentially drop to our major support at 1.2956 (horizontal swing low support, 61.8% Fibonacci extension). A breakout below our intermediate support at 1.3079 (horizontal overlap support, 38.2% Fibonacci retracement) might provide the bearish acceleration to our major support target.
Stochastic (55,5,3) is also approaching our resistance and a reaction below this level might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (55,5,3) is also approaching our resistance and a reaction below this level might see a corresponding 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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