In our analysis on GBPUSD on June 8th we noted that price was breaking upwards and our next upside target was the 100% Fibonacci extension target at 1.26. Today price made a high at 1.2597 only 3 pips away from our target. Price is now pulling back towards 1.2550-1.2515. The 1.26 level was our target and important resistance level. Price got rejected and is pulling back. Bulls want to see price form a higher low and resume the up trend. Key support is at the black upward sloping support trend line. Bulls need to defend it.
The material has been provided by InstaForex Company – www.instaforex.com
Black line- support trend line
Blue lines- expected equal size advance
Green lines- Fibonacci extension targets
In our analysis on GBPUSD on June 8th we noted that price was breaking upwards and our next upside target was the 100% Fibonacci extension target at 1.26. Today price made a high at 1.2597 only 3 pips away from our target. Price is now pulling back towards 1.2550-1.2515. The 1.26 level was our target and important resistance level. Price got rejected and is pulling back. Bulls want to see price form a higher low and resume the up trend. Key support is at the black upward sloping support trend line. Bulls need to defend it.
The material has been provided by InstaForex Company – www.instaforex.com
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