FX.co ★ GBPUSD is facing bullish pressure, potential for a further rise!

Price is reacting above 1st support at 1.35438 in line with 50% Fibonacci retracement and 127.2% Fibonacci extension. It could potentially bounce from 1st support at 1.35438 in line with 50% Fibonacci retracement and 127.2% Fibonacci extension to 1st resistance at 1.37172 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. Our bullish view is further supported by how the price is holding above the moving average and the Ichimoku cloud. Stochastic indicator is also reacting above support where price bounced in the past which is in line with our bullish bias. Otherwise Price may bearish towards 2nd support at 1.34821 in line with 78.6% Fibonacci retracement and 200% Fibonacci extension.

Trading Recommendation

Entry: 1.35438

Reason for Entry:

50% Fibonacci retracement and 127.2% Fibonacci extension

Take Profit: 1.37172

Reason for Take Profit:

61.8% Fibonacci retracement and 61.8% Fibonacci extension

Stop Loss: 1.34821

Reason for Stop Loss:

78.6% Fibonacci retracement and 200% Fibonacci extension