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

Prices are facing bullish pressure from 1st support, in line with 38.2% fibonacci retracement level. Prices might push up further towards 1st resistance which is in line with horizontal swing high resistance as well as 61.8% fibonacci retracement. If prices push down further, prices might take support from 2nd support which is in line with 78.6% fibonacci retracement and 50% fibonacci extension. EMA is also below prices, suggesting a chance for a bounce.

Trading Recommendation

Entry: 1.37500

Reason for Entry:

Horizontal swing low support, 38.2% fibonacci retracement

Take Profit: 1.38209

Reason for Take Profit:

Horizontal pullback resistance, 50% fibonacci retracement

Stop Loss: 1.36996

Reason for Stop Loss:

Horizontal swing low support, 78.6% fibonacci retracement, 50% fibonacci extension