FX.co ★ GBPAUD bullish breakout, potential for further rise!

Price has shown a bullish breakout from the descending trendline resistance-turned-support, and is now holding above the moving average support as well. We could see a further rise above 1st support, in line with 50% Fibonacci retracement and horizontal overlap support, towards 1st resistance, in line with 78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback resistance.

Trading Recommendation

Entry: 1.83296

Reason for Entry:

50% Fibonacci retracement and horizontal overlap support

Take Profit: 1.84540

Reason for Take Profit:

78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback resistance

Stop Loss: 1.82617

Reason for Stop Loss:

61.8% Fibonacci extension and horizontal swing low support