GBPUSD has formed a double top reversal and is starting to drop nicely after breaking our major support-turned-resistance level at 1.3992 (Fibonacci retracement, horizontal overlap resistance, breakout level) where further bearish momentum could be expected to drive price down to major support at 1.3632 (Fibonacci extension, double top exit potential, horizontal pullback support).
RSI (55) has made a bearish exit of our long term ascending support-turned-resistance line signaling a potential strong change in momentum to bearish.
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RSI (55) has made a bearish exit of our long term ascending support-turned-resistance line signaling a potential strong change in momentum to bearish.
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