FX.co ★ GBPUSD holding below descending trendline resistance! Drop Incoming!

GBPUSD holding below descending trendline resistance. Technical indicators are showing room for further bearish momentum. A short term drop below our 38.2% Fibonacci retracement and our 1st resistance at 1.38883 towards graphical overlap support and 1st support at 1.38290 could be possible.

Trading Recommendation

Entry: 1.38883

Reason for Entry:

38.20% Fibonacci retracement, descending trendline resistance

Take Profit: 1.38290

Reason for Take Profit:

78.60% Fibonacci retracement, Graphical overlap support

Stop Loss: 1.39264

Reason for Stop Loss:

Graphical swing high resistance