Insane R:R ratio on GBPUSD!

OANDA:GBPUSD   British Pound / U.S. Dollar
Brexit headlines shoot GBPUSD up to resistence line, It should retract soon!


Nice idea on GBPUSD and there may be bearish potential as you have identified. The 1st resistance that we have identified is at 1.2925. It is a 61.8% Fibonacci extension , 38.2% Fibonacci retracement and a horizontal pullback resistance. Stochastic is approaching its support at 3.9% where a corresponding bounce could occur. If a potential bounce does occur, we may want to look at 1.2788 support level. It is a 61.8% Fibonacci retracement and a horizontal overlap support. Looking forward to see how things develop.

Please have a look at our idea and we would like to hear your thoughts.

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