GBPUSD testing and reacting below graphical swing high resistance and 50% retracement level. A short term drop below our 1st resistance at 1.38540 towards our 1st support at 1.38151 and ascending trendline support could be possible. Stochastics is reacting below resistance as well, where price dropped in the past.
Trading Recommendation
Entry: 1.38540
Reason for Entry:
50% Fibonacci retracement, Graphical swing high resistance
Take Profit: 1.38151
Reason for Take Profit:
61.8% Fibonacci retracement, Ascending trendline support
Stop Loss: 1.38878
Reason for Stop Loss:
78.6% Fibonacci retracement level
