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T3-Consultancy

GBPUSD D1: Bearish outlook seen, potential reversal below 1.2080

Short
British Pound / U.S. Dollar (FOREXCOM:GBPUSD)  
T3-Consultancy  
FOREXCOM:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns GBPUSD GBP USD gbpusdlong gbpusdshort Forex forextrading forexsignals
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trendanalysis harmonicpatterns chartpattern gbpusd gbp usd gbpusdlong gbpusdshort forex forextrading forexsignals
On the daily time frame, prices are testing the daily supply zone at 1.20800, in line with the graphical support-turned-resistance level and 88.6% Fibonacci retracement. This presents an opportunity to play the drop to the next support target at 1.1620 which coincides with the Fibonacci confluence levels and graphical support zone. Stochastics is testing resistance as well in the overbought region where we could see a reversal, supporting the bearish bias.
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