GBPUSD watch for potential breakout!

GBPUSD has reacted off its major resistance at 1.4000 (horizontal swing high resistance, 50%, 78.6% Fibonacci retracement , 100% Fibonacci extension ) and a breakout of this level could push price up to our next major resistance level at 1.4070 (horizontal swing high resistance, 61.8% Fibonacci retracement ).

Similarly, if price breaks out of our major support at 1.3930 (horizontal overlap support, 23.6% Fibonacci retracement ), a strong reaction could occur at this level pushing price down to our next major support at 1.3860 (horizontal overlap support, 61.8% Fibonacci retracement , 100% Fibonacci extension ).

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