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

Price is facing bearish pressure from our first resistance in line with our horizontal overlap resistance, 50% fibonacci retracement and 100% fibonacci extension where we could see a reversal below this level. Stochastics is showing signs of bearish pressure as well, in line with our bearish bias.

Trading Recommendation

Entry: 1.3616

Reason for Entry:

horizontal overlap resistance, 50% fibonacci retracement and 100% fibonacci extension

Take Profit: 1.3525

Reason for Take Profit:

76.4% fibonacci retracement

Stop Loss: 1.3668

Reason for Stop Loss:

78.6% fibonacci retracement