GBPUSD facing pressure from 1st resistance, further drop expected !
Price reacting at key graphical swing high and 61.8% Fibonacci extension level at 1st resistance (1.29155). A pullback towards ascending trendline support and 1st support at 1.28766 can be expected. Stochastics is testing resistance as well.
Reason for Entry:
61.8% fib extension , horizontal swing high
Take Profit : 1.28766
Reason for Take Profit:
50% fib retracement, ascending trendline support
Stop Loss: 1.29357
Reason for Stop loss:
-27.2% fib retracement
The material has been provided by InstaForex Company – www.instaforex.com