GBPUSD testing major support, potential bounce!
is testing major support at 1.3930 (horizontal overlap support, 23.6% Fibonacci retracement ). A strong bounce could occur at this level, pushing price up to our next major resistance at 1.3996 (horizontal swing high resistance, 50%, 78.6% Fibonacci retracement , 100% Fibonacci extension ).
Stochastic (34,5,3) is also seeing a bounce off its ascending support line along with a bullish divergence , a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (34,5,3) is also seeing a bounce off its ascending support line along with a bullish divergence , a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Trade closed: target reached:
Woohoo resistance target reached perfectly guys! Did any of you guys get in on this?
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results