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FX.co ★ GBPUSD bullish continuation

GBPUSD bullish continuation

Price is abiding the ascending trendline support showing a bullish momentum. We are expecting the price to push up from the pivot level (current price in line with the ascending trendline support and 38.2% Fibonacci retracement) towards the 1st resistance level in line with 61.8 Fibonacci projection. Our bullish bias is further supported by the stochastic indicator where the %K line bounced off the support and holding on the ascending trendline support.

Trading Recommendation

Entry: 1.37815

Reason for Entry:

38.20% Fibonacci retracement

Take Profit: 1.39053

Reason for Take Profit:

61.8% Fibonacci projection

Stop Loss: 1.37259

Reason for Stop Loss:

50% Fibonacci retracement and 61.8%Fibonacci projection

GBPUSD bullish continuation

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