GBPAUD facing bullish pressure, potential for further upside!

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Price is facing bullish pressure as it continues to hold above the ascending trendline support, and Stochastics has also just reacted at the lower 7.49 support level where it has reacted off before. We could potentially see a bounce and further rise above 1st support, in line with our 61.8% Fibonacci retracement, 100% Fibonacci extension, horizontal overlap support and ascending trendline support, towards 1st resistance, in line with 100% Fibonacci extension and horizontal swing high resistance.

Trading Recommendation

Entry: 1.79760

Reason for Entry:

61.8% Fibonacci retracement, 100% Fibonacci extension, horizontal overlap support and ascending trendline support

Take Profit: 1.82648

Reason for Take Profit:

100% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.78512

Reason for Stop Loss:

127.2% Fibonacci extension and horizontal swing low support

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

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