GBPUSD bounced from trendline resistance (now support) and price looks to swing towards 1st support at 1.37354, in-line with 78.6% Fibonacci extension and swing low support. Stochastic is signaling bearish momentum before reaching a level where previous bounces occur. Price will face bullish pressure from 1st support to 1st resistance at 1.38502, in-line with 61.8% Fibonacci retracement and descending trendline resistance.
Trading Recommendation
Entry: 1.37354
Reason for Entry:
78.6% Fibonacci extension, descending trendline support, swing low support
Take Profit: 1.38502
Reason for Take Profit:
61.8% Fibonacci retracement, descending trendline resistance
Stop Loss: 1.37319
Reason for Stop Loss:
127.2% Fibonacci extension