GBP/USD shows bearish momentum below a descending trend line, indicating a potential bearish continuation. The 1st support at 1.2064, coinciding with the 127.20% Fibonacci Extension, may act as a strong support. The 2nd support at 1.1841, a multi-swing low support, reinforces this. On the resistance side, the 1st resistance at 1.2297, near the 23.60% Fibonacci Retracement, may hinder bullish moves. The 2nd resistance at 1.2589, near the 50% Fibonacci Retracement, is crucial for potential reversals or reactions.
The material has been provided by InstaForex Company – www.instaforex.com
GBP/USD shows bearish momentum below a descending trend line, indicating a potential bearish continuation. The 1st support at 1.2064, coinciding with the 127.20% Fibonacci Extension, may act as a strong support. The 2nd support at 1.1841, a multi-swing low support, reinforces this. On the resistance side, the 1st resistance at 1.2297, near the 23.60% Fibonacci Retracement, may hinder bullish moves. The 2nd resistance at 1.2589, near the 50% Fibonacci Retracement, is crucial for potential reversals or reactions.
The material has been provided by InstaForex Company – www.instaforex.com
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