GBPUSD watch for potential breakout!
GBPUSD has reacted off its major resistance at 1.4000 (horizontal swing high resistance, 50%, 78.6% Fibonacci retracement , 100% Fibonacci extension ) and a breakout of this level could push price up to our next major resistance level at 1.4070 (horizontal swing high resistance, 61.8% Fibonacci retracement ).
Similarly, if price breaks out of our major support at 1.3930 (horizontal overlap support, 23.6% Fibonacci retracement ), a strong reaction could occur at this level pushing price down to our next major support at 1.3860 (horizontal overlap support, 61.8% Fibonacci retracement , 100% Fibonacci extension ).
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Similarly, if price breaks out of our major support at 1.3930 (horizontal overlap support, 23.6% Fibonacci retracement ), a strong reaction could occur at this level pushing price down to our next major support at 1.3860 (horizontal overlap support, 61.8% Fibonacci retracement , 100% Fibonacci extension ).
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
IC Markets is an online forex broker specialized in providing transparent trading solutions to both retail and institutional investors alike. We provide superior execution technology, lower spreads and unrivaled liquidity.
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