GBPUSD holding below descending trendline resistance. Technical indicators are showing room for further bearish momentum. A short term drop below our 38.2% Fibonacci retracement and our 1st resistance at 1.38883 towards graphical overlap support and 1st support at 1.38290 could be possible.
Trading Recommendation
Entry: 1.38883
Reason for Entry:
38.20% Fibonacci retracement, descending trendline resistance
Take Profit: 1.38290
Reason for Take Profit:
78.60% Fibonacci retracement, Graphical overlap support
Stop Loss: 1.39264
Reason for Stop Loss:
Graphical swing high resistance