GBPAUD reacting above 1st support, potential for further upside!

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Price is reacting above 1st support, which is in line with our 50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal overlap support. We could see further upside above this level, towards 1st resistance, in line with 78.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance. Price is also holding above the moving average support, in line with our bullish bias.

Trading Recommendation

Entry: 1.82953

Reason for Entry:

50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal overlap support

Take Profit: 1.83947

Reason for Take Profit:

78.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance

Stop Loss: 1.82318

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing low support

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

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