FX.co ★ GBPUSD is facing bullish pressure from support, potential for further upside

Price is facing bullish pressure from our first support and ascending trend line where we could see a bounce above this level to our first resistance target. A break above our upside confirmation level would provide the bullish acceleration to our first resistance target. Ichimoku cloud is showing signs of bullish pressure as well, in line with our bullish bias.

Trading Recommendation

Entry: 1.36582

Reason for Entry:

Ascending trend line, horizontal pullback support, 61.8% fibonacci retracement, 100% fibonacci extension

Take Profit: 1.37332

-27.2% fibonacci retracement

Stop Loss: 1.36171

Reason for Stop Loss:

horizontal swing low support