GBPUSD: Fibonacci Gold Pocket

GBPUSD, Daily

In the Daily timeframe, GBPUSD broke the upper trendline of the descending channel and reached 61.8 Fibonacci. Despite the strong bullish sentiment, the price crossed the upper Bollinger line, and Stochastic confirmed it was overbought.

• A break of the resistance at 1.2920 will open the way for a rise to 1.3040 and further to 1.3180;

• A rebound from the resistance will drop GBPUSD back to 1.2690;