GBPUSD approaching resistance, potential drop!

11 Apr 2018

GBPUSD is approaching its resistance at 1.419 (61.8% Fibonacci extension, 78.6% Fibonacci retracement, horizontal overlap resistance) where it could potentially react off its, pushing price down to its 1st support at 1.4100 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap support). If it breaks past this level, it could fall to its next support at 1.3978 (61.8% Fibonacci extension, 50% Fibonacci retracement, 76.4% Fibonacci retracement, horizontal overlap support). We have also identified another resistance at 1.4245 (61.8% Fibonacci extension, horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching its resistance at 99% where a corresponding reversal may occur.