FX.co ★ GBPUSD approaching trendline, potential for a bounce!

Price is approaching our ascending trendline support and 1st support, in line with our horizontal swing low support, 76.4% Fibonacci retracement and 78.6% Fibonacci extension. We could potentially see a further rise up from this level towards our 1st resistance level, in line with our 78.6% Fibonacci extension and horizontal swing high resistance. Stochastics is also approaching the support level at 13.06% where it has reacted from previously, showing bullish momentum in line with our bullish bias.

Trading Recommendation

Entry: 1.36517

Reason for Entry:

78.6% Fibonacci extension, 76.4% Fibonacci retracement and horizontal swing low support

Take Profit: 1.37588

Reason for Take Profit:

78.6% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.36099

Reason for Stop Loss:

127.2% Fibonacci extension and horizontal swing low support