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.

Trading Recommendation

Entry: 1.29155

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