GBP/USD is approaching our first resistance at 1.3238 (horizontal overlap resistance, 61.8% Fibonacci extension, 61.8% Fibonacci retracement) where a strong drop might occur below this level to our major support at 1.3105 (horizontal swing low support, 61.8% Fibonacci retracement).

Stochastic (34,5,3) is nearing resistance as well. Trading CFDs on margin carries high risk. Losses can exceed the initial investment, so please ensure you fully understand the risks.

If you would like the pivots for all pairs and our Forager Robot execution tool, please join our Strategic Access Group at https://www.globalfxtradinggroup.com/sag. Steve moderates that group as well and I participate daily…

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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Jeff Wecker
Jeff Wecker

Jeff Wecker, the inventor of Forex Forager, is a former member of the Chicago Board of Trade. There, Jeff learned his craft in the 30-year bond pit, trading against the world's best, and now has survived and prospered in the industry for the past 25 years. He took the unique knowledge he gained at the CBOT and transitioned it to online trading, where he traded FX, commodities, stock indices, and bonds – all using his unique 5 pip/tick risk system. Visit us at Global Fx Trading Group