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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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GBPUSD facing bullish pressure, potential for further upside!

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Prices are facing bullish pressure as prices are taking support from horizontal pullback support in line with 50% Fibonacci retracement and 78.6% Fibonacci extension. Prices might push up towards horizontal overlap resistance in line with 61.8% Fibonacci retracement. If prices push down further, prices might take support from horizontal swing low support in line with 61.8% Fibonacci retracement and 100% Fibonacci extension. EMA is below prices, showing a bullish pressure for prices.

Trading Recommendation

Entry: 1.40626

Reason for Entry:

Horizontal pullback support, 50% Fibonacci retracement, 78.6% Fibonacci extension

Take Profit: 1.41076

Reason for Take Profit:

Horizontal overlap resistance, 61.8% Fibonacci retracement

Stop Loss: 1.40355

Reason for Stop Loss:

Horizontal swing low support, 61.8% Fibonacci retracement, 100% Fibonacci extension

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