GBPUSD is reacting below key graphical resistance. A short term drop below 1st resistance at 1.42200 towards descending trendline support and 1st support at 1.41397 could be likely. 1st support also falls in line with 61.8% Fibonacci retracement level. Stochastic is testing resistance where price pulled lower in the past.
Trading Recommendation
Entry: 1.42200
Reason for Entry:
Graphical swing high
Take Profit: 1.41397
Reason for Take Profit:
61.8% Fibonacci retracement and descending trendline support
Stop Loss: 1.42542
Reason for Stop Loss:
-27.2% Fibonacci retracement
The material has been provided by InstaForex Company - www.instaforex.com