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FX.co ★ GBPUSD facing bearish pressure

GBPUSD facing bearish pressure

Price is seen to be holding below the ascending trendline support turn resistance, showing a bearish pressure. We are expecting price to potentially retrace to the 1st resistance level in line with the ascending trendline support turn resistance and the 61.8% Fibonacci retracement level and push back down to the 1st Support level in line with the 61.8% Fibonacci retracement level. Our bearish bias is further supported by the price holding below the 50period MA and the MACD indicator, where the signal line crosses above the MACD line.

Trading Recommendation

Entry: 1.38081

Reason for Entry:

50% Fibonacci retracement and 61.8% Fibonacci extension

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Take Profit: 1.37313

Reason for Take Profit:

61.8% Fibonacci retracement

Stop Loss: 1.38916

Reason for Stop Loss:

61.8% Fibonacci extension

GBPUSD facing bearish pressure

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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