GBPUSD is approaching resistance, potential drop!
GBPUSD broke out of our long term ascending support-turned-resistance line and is approaching our first resistance at 1.3987 (horizontal overlap resistance). A strong reaction might occur below this level, pushing price down to our major support at 1.3793 (horizontal swing low support, 23.6% Fibonacci retracement, 100% Fibonacci retracement).
RSI (34) is also seeing a bearish exit and might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (34) is also seeing a bearish exit and might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results