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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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GBP/USD testing major resistance, remain bearish

Price is now testing major resistance at 1.2741 (Bearish price action, horizontal resistance, Fibonacci extension) and we expect a drop from this level to at least 1.2652 support (Fibonacci retracement, horizontal swing low support).

Stochastic (34,5,3) is seeing strong resistance below 96% level and we expect a further drop from this level.

Sell below 1.2741. Stop loss at 1.2764. Take profit at 1.2652.

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The material has been provided by InstaForex Company - www.instaforex.com