GBPUSD back to strong resistance, potential for a drop

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Brittiska pund/Amerikanska dollar (FX:GBPUSD)

FX:GBPUSD Brittiska pund/Amerikanska dollar

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GBPUSD is back to test our strong resistance at 1.3873 (Fibonacci retracement, horizontal pullback resistance) and a strong reaction could occur at this level to push prices down to 1.3632 support (Fibonacci retracement, horizontal pullback support). It’s nice to see that we have a strong descending resistance line that is adding to our bearish momentum.

RSI (34) sees descending resistance hold prices down really well.

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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results

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