GBPUSD has risen sharply from September low of 1.2674 to hit a high of 1.3084 on 12th of October; this rise has been after the sharp fall experienced by the pound in first half of September when it declined sharply from 1.3484 to 1.2674. Currently pounds stands at the 50% Fibonacci retracement resistance of the fall experienced in September, it is likely that this resistance would hold and the pair could test levels of 1.2955 & 1.2910 on the downside while it stays below 1.3100
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Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.