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Daily Video Analysis: GBPUSD facing bullish pressure, potential for further rise!

Today we take a look at GBPUSD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is facing bullish pressure as it holds above the ascending trendline support, and RSI is also bouncing from the lower support level where it has reacted off before. We could see a bounce at buy entry level, in line with 61.8% Fibonacci retracement and ascending trendline support, and further upside towards 1st Resistance, in line with horizontal swing high resistance.

The material has been provided by InstaForex Company -