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

Prices are facing bullish pressure from 1st support which is in lien with 78.6% fibonacci extension and 50% fibonacci extension. Prices might push up towards 1st resistance which is in line with horizontal swing high resistance, -27.2% fibonacci retracement and 61.8% fibonacci extension. If prices fall through 1st support, prices might take support from horizontal swing low support which is in line with 127.2% fibonacci extension and 78.6% fibonacci extension. EMA is also below prices, showing a bullish pressure for prices.

Trading Recommendation

Entry: 1.37455

Reason for Entry:

Horizontal swing low support, 78.6% fibonacci extension, 50% fibonacci extension

Take Profit: 1.38113

Reason for Take Profit:

Horizontal swing high resistance, 61.8% fibonacci extension, -27.2% fibonacci retracement

Stop Loss: 1.37060

Reason for Stop Loss:

Horizontal swing low support, 127.2% fibonacci extension, 78.6% fibonacci extension