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GBPUSD back to strong resistance, potential for a drop

Short
British Pound / U.S. Dollar (FX:GBPUSD)  
Tickmill Broker  
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns GBPUSD GBP USD gbpusdshort gbpusdlong gbpusdsignal gbpusdtrade gbpusdidea gbpusdanalysis
196
1
trendanalysis harmonicpatterns chartpattern gbpusd gbp usd gbpusdshort gbpusdlong gbpusdsignal gbpusdtrade gbpusdidea gbpusdanalysis
GBPUSD is back to test our strong resistance at 1.3873 (Fibonacci retracement, horizontal pullback resistance) and a strong reaction could occur at this level to push prices down to 1.3632 support (Fibonacci retracement, horizontal pullback support). It’s nice to see that we have a strong descending resistance line that is adding to our bearish momentum.

RSI (34) sees descending resistance hold prices down really well.

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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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