#GBPUSD is at strong resistance level, potential for drop

Price is reacting below pivot level at 1.38780 which is in line with 100% Fibonacci retracement level , 127.2% Fibonacci extension and horizontal overlap resistance. Price may potentially drop to support at 1.37800 which is in-line with 38.2% Fibonacci retracement, 61.8% Fibonacci extension level and 50MA. Stochastic is also at horizontal resistance level where previous drops occurred.
Alternatively, price may swing towards resistance at 1.39530 which is in line with 127.2% Fibonacci retracement and 161.8% Fibonacci extension level.

Pivot:
1.38780

Why we like it:
100% Fibonacci retracement level , 127.2% Fibonacci extension and horizontal overlap resistance

1st Support:
1.37800
38.2% Fibonacci retracement , 61.8% Fibonacci extension level and 50MA

1st Resistance:
1.39530
127.2% Fibonacci retracement and 161.8% Fibonacci extension level.

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