GBPUSD broke out of resistance, further potential drop!
GBPUSD broke out of our first support-turned-resistance at 1.3988 (horizontal overlap resistance) and is approaching our intermediate support at 1.3914 (horizontal overlap support). A breakout below this level might provide the bearish acceleration to our major support at 1.3743 (horizontal swing low support, 100% Fibonacci extension, 23.6% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish pressure.
RSI (89) is also seeing a bearish exit and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (89) is also seeing a bearish exit and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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