GBPUSD has opportunity to break lower, but could easily bounce

Short

British Pound / U.S. Dollar (FX:GBPUSD)

FX:GBPUSD British Pound / U.S. Dollar

usd-us-dollar fib supportandresistance speed line short hourly daily monthly

I'm bearish on the GBPUSD overall, but I wouldn't discount the opportunity for it to bounce off this Monthly fib line and spend some time retracing. If it closes below about 1.517, I'll consider it a Sell signal and anticipate it going for 1.511, giving me a 1:35 RR. If it breaks to the upside, I'll wait and watch.

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