FX.co ★ GBPUSD facing bullish pressure, potential for further upside!

Price is facing bullish pressure as it continues to hold above the moving average support, in line with our bullish bias. We could potentially see a bounce at our 1st support, which is in line with our 61.8% Fibonacci retracement and 100% Fibonacci extension, and a further rise up towards our 1st resistance, which is in line with our 127.2% Fibonacci extension.

Trading Recommendation

Entry: 1.39167

Reason for Entry:

61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback support

Take Profit: 1.40013

Reason for Take Profit:

127.2% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.38512

Reason for Stop Loss:

78.6 Fibonacci retracement and horizontal swing low support