GBPUSD reacted off resistance, further potential drop!
Updated
GBPUSD reacted off our resistance at 1.4096 (50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal swing high resistance). A strong reaction might occur at this level, pushing price down to our major support at 1.4013 (horizontal swing low support, 50% Fibonacci retracement, 100% Fibonacci extension,).
RSI (55) is also facing bearish pressure from its major descending resistance line and a reaction off this level might see a corresponding drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk
RSI (55) is also facing bearish pressure from its major descending resistance line and a reaction off this level might see a corresponding drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk
Trade closed: target reached
Dropped nicely to our major support!
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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