GBPUSD testing its resistance, watch for potential drop!
GBPUSD is testing its major resistance level at 1.3865 (horizontal overlap resistance, 23.6%, 38.2% Fibonacci retracement , 61.8% Fibonacci extension ). A strong reaction could occur at this level, pushing price down to our next major support level at 1.37049 (horizontal swing low support.
RSI (89) is also approaching its major resistance level at 52 and this is a good precursor of a potential drop should RSI react off this level.
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RSI (89) is also approaching its major resistance level at 52 and this is a good precursor of a potential drop should RSI react off this level.
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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