GBPUSD broke out of its long term ascending support-turned-resistance line and is approaching our first resistance at 1.3653 (horizontal swing high resistance). A strong reaction might occur below this level, pushing price down to our major support at 1.3461 (horizontal overlap support, 38.2% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.
RSI (21) is also seeing a bearish exit and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (21) is also seeing a bearish exit and we might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
Disclaimer
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.
Disclaimer
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.