GBPUSD is approaching first support at 1.3997 (horizontal pullback support, 23.6% Fibonacci retracement, 100% Fibonacci extension). A strong reaction could occur at this level, pushing price up to our second resistance at 1.4148 (76.4% Fibonacci retracement, horizontal swing high resistance). A breakout of our first resistance at 1.407 would provide a further bullish signal.
RSI (55) is also approaching our major descending resistance line at 62% and we are also seeing a squeeze. A corresponding rise in price might occur should it breaks out of this level.
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RSI (55) is also approaching our major descending resistance line at 62% and we are also seeing a squeeze. A corresponding rise in price might occur should it breaks out of this level.
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