GBP/USD Reversed Nicely Off Its Resistance, Prepare For a Further Drop
April 16, 2018 4:23 am
GBP/USD tested its resistance area at 1.4297 (76.4% Fibonacci retracement, 61.8% Fibonacci extension, horizontal swing high resistance), where it reversed nicely off it. We expect to see price drop further to its support at 1.4123 (61.8% Fibonacci extension, 50% Fibonacci retracement).
Stochastic (55, 5, 3) reversed nicely off its resistance at 98%. A bearish divergence with price has also been identified which contributes to our bearish bias.
Sell below 1.4297. Stop loss at 1.4351. Take profit at 1.4123.
The material has been provided by InstaForex Company – www.instaforex.com
GBP/USD tested its resistance area at 1.4297 (76.4% Fibonacci retracement, 61.8% Fibonacci extension, horizontal swing high resistance), where it reversed nicely off it. We expect to see price drop further to its support at 1.4123 (61.8% Fibonacci extension, 50% Fibonacci retracement).
Stochastic (55, 5, 3) reversed nicely off its resistance at 98%. A bearish divergence with price has also been identified which contributes to our bearish bias.
Sell below 1.4297. Stop loss at 1.4351. Take profit at 1.4123.
The material has been provided by InstaForex Company – www.instaforex.com
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