SHORT GBPUSD is approaching major resistance, potential drop!
GBPUSD is approaching major resistance at 1.3923 (100% Fibonacci extension , 61.8% Fibonacci extension x2, 61.8% Fibonacci retracement , 50% Fibonacci retracement , horizontal overlap resistance) and could potentially fall to its 1st support at 1.3708 (61.8% Fibonacci extension , L T 100% Fibonacci extension , horizontal swing low support) or to its 2nd support at 1.3659 (100% Fibonacci extension , horizontal overlap support). We have also identified a 2nd resistance at 1.3994 (76.4% Fibonacci retracement , 61.8% Fibonacci retracement ) and a descending resistance line.
Stochastic (89, 5, 3) shows it approaching its resistance at 98.6% where a corresponding reaction could occur.
Stochastic (89, 5, 3) shows it approaching its resistance at 98.6% where a corresponding reaction could occur.
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