GBPUSD bounced nicely off support, potential to rise further
GBPUSD bounced nicely off its support at 1.3930 (100% Fibonacci extension) where it could rise further if it breaks out of its immediate resistance at 1.3992 (horizontal overlap resistance, descending channel). Once this level is broke, a bullish acceleration could be triggered, causing price to rise to its resistance at 1.4176 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance). We do need to be cautious of the intermediate resistance at 1.4090 (38.2% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) shows a corresponding bounce off its support at 2.6%.
Stochastic (89, 5, 3) shows a corresponding bounce off its support at 2.6%.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.