GBPAUD facing bearish pressure, potential for further downside!

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Prices are facing bearish pressure from horizontal swing high resistance in line with 61.8% Fibonacci retracement and 161.8% Fibonacci extension . Prices might push down towards horizontal swing low support which is in line with 78.6% Fibonacci retracement and 161.8% Fibonacci extension . If prices push up further, prices might face resistance from horizontal swing high resistance in line with 78.6% Fibonacci retracement and 127.2% Fibonacci extensions. EMA is also above prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 1.79219

Reason for Entry:

Horizontal swing high resistance, 61.8% Fibonacci retracement, 161.8% Fibonacci extension

Take Profit: 1.78290

Reason for Take Profit:

Horizontal swing low support, 78.6% Fibonacci retracement, 161.8% Fibonacci extension

Stop Loss: 1.79703

Reason for Stop Loss:

Horizontal swing high resistance, 78.6% Fibonacci retracement, 127.2% Fibonacci extension

The material has been provided by InstaForex Company - www.instaforex.com

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