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GBPUSD facing bearish pressure, potential for further drop!

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Trading Recommendation

Entry: 1.25111

Reason for Entry: Horizontal overlap resistance, 50% fibonacci retracement and 78.6% fibonacci extension

Take Profit: 1.23546

Reason for Take Profit: 100% fibonacci extension, horizontal overlap support, 61.8% fibonacci retracement

Stop Loss: 1.25844

Reason for Take Profit: Horizontal swing high resistance, 61.8% fibonacci retracement, 100% fibonacci extension

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