GBP/USD approaching resistance, potential drop!

analytics5d5d0c9cba056.jpg

GBPUSD is approaching our first resistance where we might be seeing a drop below this level.

Entry: 1.2205

Why it’s good : Horizontal swing high resistance, 23.6% Fibonacci retracement, 61.8% Fibonacci extension

Stop Loss : 1.2254

Why it’s good : Horizontal swing high resistance

Take Profit : 1.2079

Why it’s good: Horizontal swing low support, 61.8% Fibonacci retracement, 100% Fibonacci extension

analytics5d5d0c7ba83f8.png

The material has been provided by InstaForex Company – www.instaforex.com