FX.co ★ GBPUSD is approaching resistance, potential reversal

Price is facing bearish pressure from our first resistance in line with our horizontal overlap resistance, 38.2% fibonacci retracement and 61.8% fibonacci extension where we could see a reversal below this level. 20 EMA is showing signs of bearish pressure as well, in line with our bearish bias.

Trading Recommendation

Entry: 1.36246

Reason for Entry:

horizontal overlap resistance, 38.2% fibonacci retracement and 61.8% fibonacci extension

Take Profit: 1.35508

Reason for Take Profit:

61.8% fibonacci retracement

Stop Loss: 1.36644

Reason for Stop Loss:

61.8% fibonacci retracement and 100% fibonacci extension