GBPUSD approaching support level, potential upcoming bounce!
GBPUSD is testing our ascending support level and approaching our support level at 1.3861 (Horizontal overlap support, 76.4% Fibonacci retracement level). A strong bounce could occur at this level, pushing price up to the next resistance level at 1.3992 (horizontal swing high resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension). Surpassing this level, we could see an even further rise potentially up to 1.4067 resistance (Fibonacci extension, horizontal swing high resistance, 76.4% fibonacci retracement).
Stochastic (34,5,3) is seeing strong support above 4.9% where a corresponding bounce could occur.
Stochastic (34,5,3) is seeing strong support above 4.9% where a corresponding bounce could occur.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.