GBP/USD facing bearish pressure from resistance, potential for further drop!

analytics5d787db776fd4.jpg

GBPUSD is facing bearish pressure from our first resistance where we could be seeing a further drop below this level.

Entry: 1.2383

Why it’s good : horizontal pullback resistance, 50% Fibonacci retracement

Stop Loss : 1.2522

Why it’s good : horizontal swing high resistance

Take Profit : 1.2167

Why it’s good: Horizontal overlap support, 50% Fibonacci retracement

analytics5d787d9ce962c.png

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