GBPUSD facing bearish pressure, potential for further downside!

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Prices are facing bearish pressure from descending trendline resistance, which coincides with horizontal swing high resistance, 61.8% Fibonacci retracement and 127.2% Fibonacci extension. Prices might push down towards horizontal pullback support in line with 78.6% Fibonacci retracement. If prices push up further, prices might face resistance from 127.2% Fibonacci retracement and 127.2% Fibonacci extension fibonacci confluence area. Stochastics is also facing resistance from 95.71 level, potential for further downside!

Trading Recommendation

Entry: 1.41346

Reason for Entry:

Horizontal swing high resistance, 61.8% Fibonacci retracement, 127.2% Fibonacci extension

Take Profit: 1.40446

Reason for Take Profit:

Horizontal pullback support, 78.6% Fibonacci retracement

Stop Loss: 1.41804

Reason for Stop Loss:

127.2% Fibonacci retracement, 127.2% Fibonacci extension

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

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