FX.co ★ GBPUSD is facing bearish pressure, potential for reversal!

Price is facing bearish pressure from our first resistance in line with our horizontal swing high resistance, 38.2% fibonacci retracement and 78.6% fibonacci extension where we could see a further drop below this level. A break below our downside confirmation level could provide the bearish acceleration to our first support target. Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.

Trading Recommendation

Entry: 1.36633

Reason for Entry:

horizontal swing high resistance, 38.2% fibonacci retracement and 78.6% fibonacci extension

Take Profit: 1.35281

Reason for Take Profit:

horizontal swing low support

Stop Loss: 1.37020

Reason for Stop Loss:

61.8% Fibonacci retracement and horizontal overlap resistance