GBPUSD on pivot , potential for dip |20th Oct
Price is trading in an ascending channel and is currently at the resistance of the ascending channel which is in line with 100% Fibonacci projection. Price can then potentially dip back to the take profit level of 1.37205. Alternatively our stop loss level is placed near our graphical swing high with -27,2% Fibonacci retracement and 78.6% Fibonacci projection. Our temporary bearish bias is supported by stochastic which shows that is is near resistance.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.