GBPUSD is testing its major support at 105.83 (78.6% Fibonacci retracement , horizontal overlap support). A strong reaction could occur at this level, pushing price up to our next major resistance at 106.41 (horizontal overlap resistance, 50% Fibonacci retracement , 61.8%, 100% Fibonacci extension ). A break out of the short term descending resistance line would provide further bullish confirmation.
RSI (55) is also approaching its long term ascending support line and we might see a corresponding rise in price should it bounce off this level.
Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Trade closed: target reached
⋅
Resistance target reached perfectly guys! Did you manage to ride on this wave?