empty
 
 
14.08.2019 02:46 PM
GBP/USD 08.14.2019 -Thrid rejection of the key restiance at 1.2100

GBP/USD reached our yesterday's targets at 1.2070 and 1.2040 and after that it went to re-test again important resistance at 1.2100. Since I found the strong rejection of the resistance cluster at 1.2100, I still expect more downside.

This image is no longer relevant

Important levels to watch:

Green rectangle – Major resistance cluster (1.2100)

Yellow rectangle – Support 1 (1.2040)

Blue horizontal line – Support 2 (1.2015)

Based on the 1H time-frame, I found overbought condition and down flip on the stochastic oscillator, which is good confirmation for my downward bias. As long as the resistance at the price of 1.2100 is holding, you should watch for selling opportunities on the rallies with the targets at 1.2040 and 1.2016.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback