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MT5.com - GBPUSD facing pressure from 1st resistance, further drop expected !

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Forex Analysis:::2020-09-16

GBPUSD facing pressure from 1st resistance, further drop expected !

analytics5f6238b6aad60.jpg

Price reacting at key graphical swing high and 61.8% Fibonacci extension level at 1st resistance (1.29155). A pullback towards ascending trendline support and 1st support at 1.28766 can be expected. Stochastics is testing resistance as well.

Trading Recommendation

Entry: 1.29155

Reason for Entry:

61.8% fib extension , horizontal swing high

Take Profit : 1.28766

Reason for Take Profit:

50% fib retracement, ascending trendline support

Stop Loss: 1.29357

Reason for Stop loss:

-27.2% fib retracement

Dean Leo
Analyst InstaForex
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