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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 reversing off resistance, potential for further drop!

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GBPUSD is reversing off our first resistance where we remain bearish below our first resistance level.

Entry: 1.2472

Why it's good : horizontal swing high resistance, 38.2% Fibonacci retracement, 61.8% Fibonacci extension

Stop Loss : 1.2503

Why it's good : horizontal pullback resistance, 61.8% Fibonacci retracement

Take Profit : 1.2430

Why it's good: 100% Fibonacci extension

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