FX.co ★ GBPUSD is approaching resistance, potential for reversal

GBPUSD is approaching horizontal swing high resistance in line with 127.2% Fibonacci retracement and 61.8% Fibonacci extension . Prices might push down towards horizontal swing low support in line with 61.8% Fibonacci retracement and 161.8% Fibonacci extension . If prices continue to push up, prices might face resistance from horizontal pullback resistance in line with 78.6% Fibonacci extension and 161.8% Fibonacci retracement . Stochastics is also approaching 98.30 level resistance, potential for a bounce.

Trading Recommendation

Entry: 1.39285

Reason for Entry:

Horizontal swing high resistance, 61.8% Fibonacci extension, 127.2% Fibonacci retracement

Take Profit: 1.38724

Reason for Take Profit:

Horizontal swing low support, 161.8% Fibonacci extension, 61.8% Fibonacci retracement

Stop Loss: 1.39565

Reason for Stop Loss:

Horizontal pullback resistance, 78.6% Fibonacci extension, 161.8% Fibonacci retracement