GBPUSD is approaching our first resistance where we might be seeing a drop below this level.
Entry: 1.2152
Why it's good : Horizontal pullback resistance, 23.6% Fibonacci retracement, 61.8% Fibonacci extension
Stop Loss : 1.2358
Why it's good : Horizontal pullback resistance, 38.2% Fibonacci retracement
Take Profit : 1.1904
Why it's good: Horizontal swing low support
GBPUSD is approaching our resistance at 1.3118 (horizontal overlap resistance, 61.8% Fibonacci retracement , 61.8% Fibonacci extension ) where a strong drop might occur below this level pushing price down to our major support at 1.3039 (61.8% Fibonacci retracement , horizontal swing low support). Stochastic is also approaching resistance where we 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.
GBP/USD is approaching our first resistance at 1.3238 (horizontal overlap resistance, 61.8% Fibonacci extension, 61.8% Fibonacci retracement) where a strong drop might occur below this level to our major support at 1.3105 (horizontal swing low support, 61.8% Fibonacci retracement). Stochastic (34,5,3) is nearing resistance as well. Trading CFDs on margin carries high risk. Losses can exceed the initial investment, so please ensure you fully understand the risks.
