GBPUSD broke out of its long term descending pullback support line and is currently testing our major resistance level at 1.3995 (horizontal swing high resistance, 50%, 78.6% Fibonacci retracement , 100% Fibonacci extension ). A breakout of this level could push price up to our next major resistance at 1.4070 (horizontal swing high resistance, 61.8% Fibonacci retracement , 100% Fibonacci extension ).
RSI (34) is also showing a bullish exit at 60% and is a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (34) is also showing a bullish exit at 60% and is a good precursor for a potential rise in price.
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.