FX.co ★ GBP/USD approaching resistance, potential drop!

GBP/USD is approaching our first resistance at 1.3238 (horizontal overlap resistance, 61.8% Fibonacci extension, 61.8% Fibonacci retracement) where a strong drop might occur below this level to our major support at 1.3105 (horizontal swing low support, 61.8% Fibonacci retracement). Stochastic (34,5,3) is nearing resistance as well. Trading CFDs on margin carries high risk. Losses can exceed the initial investment, so please ensure you fully understand the risks.