GBPUSD is approaching our first resistance at 1.3297 (horizontal overlap resistance, 61.8% Fibonacci extension, 38.2% Fibonacci retracement) and a strong reaction might occur below this level pushing price down to our major support at 1.3154 (61.8% Fibonacci extension). A breakout below our intermediate support at 1.3212 (horizontal swing low support) might provide the bearish acceleration to our major support level.
Stochastic (55,5,3) is also approaching our resistance and a reaction off this level 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.
Stochastic (55,5,3) is also approaching our resistance and a reaction off this level 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.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results