GBP/USD approaching resitance, potential drop!

GBP/USD is approaching our first resistance at 1.3238 (horizontal overlap resistance, 61.8% extension, 61.8% fibonacci retracement) where a strong drop might occur below this level pushing the price down to our major support at 1.3105 (61.8% fibonaccci retracement). Stochastic is also nearing resistance where we might see a corresponding drop in price. Trading CFDs on margin carries high risk. Losses can exceed the initial investment, so please ensure you fully understand the risks.

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

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