GBPUSD is testing its major support at 1.3930 (horizontal overlap support, 23.6% Fibonacci retracement). A breakout this level might provide bearish confirmation and push price down to our next major support at 1.3855 (horizontal overlap support, 61.8% Fibonacci retracement, 100% Fibonacci extension).
RSI (55,5,3) is also seeing a bearish exit and is a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (55,5,3) is also seeing a bearish exit and is a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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