FX.co ★ GBPUSD continuation of bearish trend.

Price is holding below the descending trendline Potential sell entry at 1.37118 first support level in line with the 78.6% Fibonacci extension . Price is expected to ride down towards the 2nd support level in line with 100% Fibonacci extension and -27.2% Fibonacci retracement . Our bearish bias is further supported by price holding under the Ichimoku cloud and 50 period MA.

Trading Recommendation

Entry: 1.37118

Reason for Entry:

78.6% Fibonacci extension

Take Profit: 1.36326

Reason for Take Profit:

100% Fibonacci extension and -27.2% Fibonacci retracement

Stop Loss: 1.37703

Reason for Stop Loss:

61.8 Fibonacci extension and 23.6% Fibonacci retracement