FX.co ★ GBPUSD approaching 1st resistance, potential for reversal!

Price is approaching 1st resistance, which is in line with 78.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance. We could potentially see a reversal here and further downside towards 1st support, in line with 78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback support. RSI is also showing signs of bearish pressure as it holds below descending trendline resistance.

Trading Recommendation

Entry: 1.39349

Reason for Entry:

78.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance

Take Profit: 1.38358

Reason for Take Profit:

78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback support

Stop Loss: 1.39767

Reason for Stop Loss:

100% Fibonacci extension and horizontal swing high resistance