FX.co ★ GBPUSD Short Bounce | 1st March 2022

Price is near the1st support level of 1.33561 in line with 78.6% Fibonacci projection. Price can potentially go to the 1st resistance level of 1.35043 in line with 50% Fibonacci retracement and 78.6% Fibonacci projection. Our bullish bias is supported by the stochastic indicator as it is near support level. Alternatively, price dip to 2nd support level of 1.32731 in line with 100% Fibonacci projection. Our bullish bias is supported by the stochastic indicator as it is near support level.

Trading Recommendation

Entry: 1.33561

Reason for Entry: 78.6% Fibonacci projection, graphical swing low

Take Profit: : 1.35043

Reason for Take Profit: 50% Fibonacci retracement , 78.6% Fibonacci projection, Graphical overlap resistance

Stop Loss: 1.32731

Reason for Stop Loss:

100% Fibonacci projection