FX.co ★ GBPUSD facing bullish pressure, potential for further upside!

GBPUSD is facing bullish pressure from 1st support at 1.41270, in line with 38.2% fibonacci retracement and horizontal swing low support. We could see a bounce on the 1st support level towards the 1st resistance at 1.42074 which coincides with the 61.8% fibonacci extension level. EMA is also suggesting that the price is bullish.

Trading Recommendation

Entry: 1.41270

Reason for Entry:

38.2 fibonacci retracement, horizontal swing low support

Take Profit: 1.42074

Reason for Take Profit:

61.8% fibonacci retracement, horizontal swing high resistance

Stop Loss: 1.40821

Reason for Stop Loss:

78.6% fibonacci retracement, horizontal swing low support