GBPUSD facing bearish pressure, potential for more downside !

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Price is below the 1st resistance at 1.37093 in line with 23.6% Fibonacci retracement and 38.2% Fibonacci extension. Price has also shown a bearish breakout below the neckline of a possible head and shoulder pattern and also holding below the Daily 50MA. Price could potentially bearish from 1st resistance at 1.37093 in line with 23.6% Fibonacci retracement and 38.2% Fibonacci extension to 1st support at 1.36099 in line with 78.6% Fibonacci retracement and 161.8% Fibonacci extension . Our bearish bias is further supported by how Price is holding below the Ichimoku cloud and MACD is holding below the 0 line. Otherwise price may continue to bullish to 2nd resistance at 1.37732 in line with 61.8% Fibonacci retracement and 100% Fibonacci extension.

Trading Recommendation

Entry: 1.37093

Reason for Entry:

23.6% Fibonacci retracement and 38.2% Fibonacci extension

Take Profit: 1.36099

Reason for Take Profit:

78.6% Fibonacci retracement and 161.8% Fibonacci extension

Stop Loss: 1.37732

Reason for Stop Loss:

61.8% Fibonacci retracement and 100% Fibonacci extension.

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

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