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

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