GBPUSD back to strong resistance, potential for a drop
GBPUSD is back to test our strong resistance at 1.3873 (Fibonacci retracement, horizontal pullback resistance) and a strong reaction could occur at this level to push prices down to 1.3632 support (Fibonacci retracement, horizontal pullback support). It’s nice to see that we have a strong descending resistance line that is adding to our bearish momentum.
RSI (34) sees descending resistance hold prices down really well.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (34) sees descending resistance hold prices down really well.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results