GBPUSD approaching support, potential bounce!

٢٦ ديسمبر ٢٠١٨

GBPUSD is approaching our first support at 1.2642 (horizontal swing low support, 61.8%, 100% fibonacci extension, 38.2%, 50% fibonacci retracement) where a strong bounce in price might occur pushing price up to our major resistance at 1.2736 (horizontal swing high resistance, 100% fibonacci extension). Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias.
RSI (21) is also approaching support and we might see a corresponding bounce in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.