The GBP/USD chart currently shows bearish momentum with potential for a bearish continuation towards the 1st support at 1.2106, which aligns with a multi-swing low support. The 2nd support at 1.2049, also a multi-swing low support, adds to its significance as it coincides with the 127.20% Fibonacci Extension level. On the resistance side, the 1st resistance at 1.2270 is characterized as an overlap resistance, while the 2nd resistance at 1.2340 is marked as a swing high resistance.
The material has been provided by InstaForex Company – www.instaforex.com
The GBP/USD chart currently shows bearish momentum with potential for a bearish continuation towards the 1st support at 1.2106, which aligns with a multi-swing low support. The 2nd support at 1.2049, also a multi-swing low support, adds to its significance as it coincides with the 127.20% Fibonacci Extension level. On the resistance side, the 1st resistance at 1.2270 is characterized as an overlap resistance, while the 2nd resistance at 1.2340 is marked as a swing high resistance.
The material has been provided by InstaForex Company – www.instaforex.com
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