GBPUSD is approaching our first support at 1.4126 (horizontal overlap support, breakout level) which coincides with our short term ascending support line. A strong bounce might occur at this level, pushing price up to our major resistance level at 1.4281 (horizontal swing high resistance, 61.8%, 100% Fibonacci extension, Elliot wave structure). A breakout of our intermediate resistance at 1.4218 (78.6% Fibonacci retracement, horizontal swing high resistance, 61.8% Fibonacci extension) might provide the bullish acceleration to our major resistance level.
RSI (55) is also approaching our support at 54%, a good precursor of a potential rise in price should it bounce off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
RSI (55) is also approaching our support at 54%, a good precursor of a potential rise in price should it bounce off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results