FX.co ★ GBPUSD holding above ascending trendline support! Bounce incoming!

GBPUSD holding above ascending trendline support. A short term bounce above 1st support at 1.40881 towards 1st resistance at 1.42117could be possible. RSI is testing support where price bounced in the past as well.

Trading Recommendation

Entry: 1.40881

Reason for Entry:

61.8% Fibonacci retracement, ascending trendline support

Take Profit: 1.42117

Reason for Take Profit:

Graphical swing high

Stop Loss: 1.40056

Reason for Stop Loss:

Horizontal swing low