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FX.co ★ GBPAUD approaching 1st resistance, potential for a reversal!

GBPAUD approaching 1st resistance, potential for a reversal!

GBPAUD approaching 1st resistance, potential for a reversal!

Price is approaching our 1st resistance, in line with our 23.6% Fibonacci retracement and 78.6% Fibonacci extension. We could potentially see a reversal at 1st resistance, and a further drop towards our 1st support, in line with our 78.% Fibonacci retracement and 78.6% Fibonacci extension levels. It is worth noting that MACD is holding below the 0 line, indicating bearish pressure in line with our analysis.

Trading Recommendation

Entry: 1.79168

Reason for Entry:

23.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance

Take Profit: 1.78624

Reason for Take Profit:

78.% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing low support

Stop Loss: 1.79464

Reason for Stop Loss:

50% Fibonacci retracement, 161.8% Fibonacci extension and horizontal swing low support

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