GBPUSD is approaching our first resistance at 1.3264 (horizontal overlap resistance, 50% Fibonacci retracement, 100% Fibonacci extension) and a strong reaction might occur below this level pushing price down to our major support at 1.3104 (horizontal overlap support, 61.8% Fibonacci extension, 76.4% Fibonacci retracement). Stochastic (89, 5, 3) is also reacting off our resistance and 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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