Description :
GBPUSD holding below descending trendline resistance. With technical indicators showing room for further bearish momentum, a short term drop below our 1st resistance at 1.38380 towards graphical swing low 1st support at 1.37862 could be possible.
Trading Recommendation
Entry: 1.38380
Reason for Entry:
61.8% Fibonacci retracement, descending trendline resistance
Take Profit: 1.37862
Reason for Take Profit:
-27.2% Fibonacci retracement, Graphical Swing Low Support
Stop Loss: 1.38725
Reason for Stop Loss:
Graphical swing high resistance