GBPUSD approaching major resistance, potential drop!

GBPUSD is approaching our first major resistance at 1.4200 (76.4% Fibonacci retracement, 61.8%, 100% Fibonacci extension). A strong reaction might occur at this level pushing price down to our major support at 1.3997 (horizontal overlap support, 38.2%, 61.8% Fibonacci retracement, 61.8% Fibonacci extension) which coincides with our short term ascending support line.

Stochastic (89,5,3) is also approaching our major resistance at 97% and we might see a corresponding drop in price should it react off this level.

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İşlem aktif:

Reacted nicely off our first major resistance, well on our way to our major support! Hope you guys manage to get in on this trade