FX.co ★ GBPAUD is approaching support, potential bounce

Price is facing bullish pressure from our first support in line with our 61.8% fibonacci retracement, horizontal pullback support and 127.2% fibonacci extension where we could see a bounce above this level to our first resistance target. Ichimoku cloud is showing signs of bullish pressure as well, in line with our bullish bias.

Trading Recommendation

Entry: 1.79147

Reason for Entry:

61.8% fibonacci retracement and 127.2% fibonacci extension and horizontal pullback support

Take Profit: 1.80454

Reason for Take Profit:

88.0% Fibonacci retracement and horizontal swing high resistance

Stop Loss: 1.78311

Reason for Stop Loss:

61.8% Fibonacci extension and horizontal swing low support