GBP/USD Testing Resistance, Prepare For Reversal

GBP/USD is testing its resistance at 1.3033 (100% & 61.8% Fibonacci extension, 50% & 23.6% Fibonacci retracement, horizontal swing high resistance) where a reversal to its support at 1.2924 (50% Fibonacci retracement, horizontal swing low support) is expected.

Stochastic (89, 5, 3) has reversed off near its resistance at 98% where a corresponding drop is expected.

GBP/USD is testing its resistance where we expect to see a reversal.

Sell below 1.3033. Stop loss at 1.3097. Take profit at 0.8891 1.2924.


The material has been provided by InstaForex Company -