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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 holding above ascending trendline support! Bounce incoming!

analytics60a5f8c956867.jpg

GBPUSD holding above ascending trendline support. A short term bounce above 1st support at 1.40881 towards 1st resistance at 1.42117could be possible. RSI is testing support where price bounced in the past as well.

Trading Recommendation

Entry: 1.40881

Reason for Entry:

61.8% Fibonacci retracement, ascending trendline support

Take Profit: 1.42117

Reason for Take Profit:

Graphical swing high

Stop Loss: 1.40056

Reason for Stop Loss:

Horizontal swing low

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