GBPUSD

Looking at the HOURLY GBPUSD chart, there is some resistance at around 1.221805 (Fib 78.6%) and there is possibility that there will be furtherr downturn. This is supported by the Aroon up remaining at 0.00% and Aroon down at 35.715. This signals that there is also some potential of a reversal that the currency pair can advance beyond the resistance level but at the moment I am bearish until a confirmation that an uptrend is developing. My entry price was 1.21780 and exit price is at 1.21688. At this point I will wait for another signal.