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Short

GBPUSD approaching resistance, potential drop!

FX:GBPUSD   British Pound / U.S. Dollar
GBPUSD is approaching our first resistance at 1.2849 (horizontal swing high resistance, 100% fibonacci extension , 23.6%, 61.8% fibonacci retracement ) where a strong drop might occur pushing price down to our major support at 1.2738 (horizontal swing low support, 23.6% fibonacci retracement ).
Stochastic (89,5,3) is also approaching our resistance where 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.

Comments

With you on this one, although it might go up a little, eventually it is highly likely to go up.
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