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

GBPJPY facing bullish pressure, potential for further upside

GBPJPY facing bullish pressure, potential for further upside

Price is facing bullish pressure from 1st support at 148.727, in line with 61.8% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low support. Prices could bounce to 1st resistance at 149.297 where it coincides with the horizontal swing high resistance as well as 61.8% fibonacci extension. If prices break through the ascending trendline support, prices could fall to the 2nd support where it coincides with the horizontal swing low support as well as 127.2% fibonacci extension and 61.89% fibonacci retracement. Price also holding above EMA, showing bullish pressure.

Trading Recommendation

Entry: 148.727

Reason for Entry:

Horizontal swing low support, 61.8% fibonacci retracement and 78.6% fibonacci extension

Take Profit: 149.297

Reason for Take Profit:

Horizontal swing high resistance, 61.8% extension

Stop Loss: 148.275

Reason for Stop Loss:

Horizontal swing low support, 127.2% fibonacci extension and 61.8% fibonacci retracement

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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