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

Prices are approaching ascending trendline support in line with horizontal pullback support in line with 78.6% Fibonacci extension and 61.8% Fibonacci retracement. Prices might push up towards horizontal swing high resistance in line with 61.8% Fibonacci retracement and 100% Fibonacci extension. If prices push down further, prices might take support on horizontal swing low support in line with 127.2% Fibonacci extension and 61.8% Fibonacci retracement. Ichimoku cloud is also below prices, showing a bullish pressure for prices.

Trading Recommendation

Entry: 1.39004

Reason for Entry:

Horizontal pullback support, 78.6% Fibonacci extension, 61.8% Fibonacci retracement

Take Profit: 1.40088

Reason for Take Profit:

Horizontal swing high resistance, 100% Fibonacci extension, 61.8% Fibonacci retracement

Stop Loss: 1.38602

Reason for Stop Loss:

Horizontal swing low support, 61.8% Fibonacci retracement, 127.2% Fibonacci extension