GBPUSD approaching resistance
This is a Daily chart for
GBPUSD
Price found a nice near-term support around 1.2650 and moved up nicely last week, but bulls lost some power around 61.80% fibo levels.
Scenarios :
1/ Price will break the 61.80% and close above it, then next target will be the near-term resistance, if price will also trade above the EMA which is behaving like a resistance, it can go higher toward the 38.20% levels.
2/ Price will test the 61.80% but will fail to break it, this will form a double top pattern, in such case next target will be the near-term support.
Updates will be available later.
This is not a signal, it's just my opinion, Good luck
GBPUSD
Price found a nice near-term support around 1.2650 and moved up nicely last week, but bulls lost some power around 61.80% fibo levels.
Scenarios :
1/ Price will break the 61.80% and close above it, then next target will be the near-term resistance, if price will also trade above the EMA which is behaving like a resistance, it can go higher toward the 38.20% levels.
2/ Price will test the 61.80% but will fail to break it, this will form a double top pattern, in such case next target will be the near-term support.
Updates will be available later.
This is not a signal, it's just my opinion, Good luck
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