FX.co ★ GBPJPY potential for bounce! | 18th Nov 2021

Price is in a cup pattern and has recently broken out of our ascending trendline. We see potential for a bounce from our 1st support at 153.625 in line with 50% Fibonacci retracement, 23.6% Fibonacci retracement and graphical overlap towards our 1st resistance at 154.356 in line with 50% Fibonacci retracement and graphical overlap. Alternatively, our stop loss will be placed at 2nd support at 153.332 in line with 61.8% Fibonacci retracement and graphical overlap. Technical indicators are showing bullish momentum.

Trading Recommendation

Entry: 153.625

Reason for Entry:

50% Fibonacci retracement, 23.6% Fibonacci retracement and graphical overlap

Take Profit: 154.356

Reason for Take Profit:

50% Fibonacci retracement and graphical overlap

Stop Loss: 153.332

Reason for Stop Loss:

61.8% Fibonacci retracement and graphical overlap