FX.co ★ GBP/USD reversed nicely off resistance, prepare for a drop

GBP/USD reversed nicely off its resistance at 1.3646 (61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap resistance), from where we expect the price to fall to the support at 1.3219 (horizontal swing low support).

Stochasitic (55, 5, 3) has reversed off its resistance at 95% and a bearish divergence with price has been identified which contributes to our bearish bias.

Sell below 1.3647. Set stop loss 1.3611 and take profit at 1.3219.