FX.co ★ Technical analysis of GBP/USD for October 3, 2016

GBP/USD continued to move lower as projected in the previous analysis. The pair tested the first two targets and stopped at 261.8% Fibs. (1.2852). If this level holds, GBP/USD might start a correctional wave up, however it could be too early. Consider holding short positions targeting the final Fibonacci target at 361.8% (1.2775).

Support: 1.2855, 1.2775

Resistance: 1.2930