GBPUSD testing resistance, potential drop!
Price is testing our first resistance at 1.4905 (horizontal overlap resistance, 50% Fibonacci retracement, 100% Fibonacci extension). A strong reaction might occur below this level, pushing price down to our major support at 1.3993 (horizontal overlap support, 50% Fibonacci retracement).
Stochastic (89,5,3) is also approaching our major resistance we might see a corresponding drop in price should it react off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (89,5,3) is also approaching our major resistance we might see a corresponding drop in price should it react off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
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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