#GBPUSD facing bearish pressure, potential for further downside!

Description

Price is reacting below our pivot level at 1.39046 which is in line with 38.2% Fibonacci retracement level & 38.2% Fibonacci extension level. Price can potentially take support at 1.37932, which is in line with 161.8% Fibonacci retracement level & 61.8% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.4, which coincides with 50.0% Fibonacci retracement level, 100% Fibonacci extension level . This is further supported by how MACD is holding below the 0 line.

Pivot:
1.39046

Why we like it:
38.2% Fibonacci retracement level, 38.2% Fibonacci extension level

1st Support:
1.38
161.8% Fibonacci retracement level, 61.8% Fibonacci extension level

1st Resistance:
1.40000
50.0% Fibonacci retracement level, 100% Fibonacci extension level
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