ICmarkets
Short

GBPUSD testing resistance, potential to drop!

FX:GBPUSD   British Pound / U.S. Dollar
GBPUSD             tested its resistance area at 1.4297 (76.4% Fibonacci retracement , 61.8% Fibonacci extension , horizontal swing high resistance), where it reversed nicely off it. Price could potentially drop further to its support at 1.4123 (61.8% Fibonacci extension , 50% Fibonacci retracement ). We have also identified another resistance at 1.4350 (horizontal swing high resistance.
Stochastic (55, 5, 3) reversed nicely off its resistance at 98%. A bearish divergence with price has also been identified which contributes to our bearish bias.
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