GBPUSD 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 and moving average support, which is in line with our bullish bias. We could potentially see a bounce at 1st support, in line with 78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal swing low support, and a further rise towards 1st resistance, in line with 61.8% Fibonacci retracement and horizontal swing high resistance.

Trading Recommendation

Entry: 1.38542

Reason for Entry:

78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal swing low support

Take Profit: 1.39293

Reason for Take Profit:

61.8% Fibonacci retracement and horizontal swing high resistance

Stop Loss: 1.38088

Reason for Stop Loss:

61.8% Fibonacci retracement, 161.8% Fibonacci extension and horizontal pullback support

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

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