FX.co ★ GBP/USD Reversed Nicely Off Resistance, Prepare For A Reversal!

GBP/USD has reversed nicely off its resistance at 1.3266 (100% Fibonacci extension x2, 50% & 78.6% Fibonacci retracement, horizontal swing high resistance) where we expect to see a further drop to its support at 1.3149 (100% Fibonacci extension, horizontal pullback support).

Stochastic (89, 5, 3) reversed off its resistance at 95% where a corresponding drop is epected. We have also identified a bearish divergence with price which contributes to our bearish bias.

Sell below 1.3266. Stop loss 1.3324. Take profit at 1.3149.

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