GBPUSD approaching resistance, potential drop!

25 thg 7, 2018

GBPUSD 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, where a strong reaction might occur below this level, pushing price down 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.
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