FX.co ★ GBPUSD is approaching resistance, potential reversal!

Price is approaching our first resistance in line with our horizontal swing high resistance, descending trend line, 78.6% fibonacci retracement and 78.6% fibonacci extension where we could see a reversal below this level. RSI is showing a bearish breakout as well.

Trading Recommendation

Entry: 1.29786

Reason for Entry:

horizontal swing high resistance, descending trend line, 78.6% fibonacci retracement and 78.6% fibonacci extension

Take Profit: 1.29077

Reason for Take Profit:

78.6% fibonacci retracement and 78.6% fibonacci extension

Stop Loss: 1.30091

Reason for Stop Loss:

Horizontal swing high resistance