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FX.co ★ GBPJPY reacting above ascending trendline support. Bounce incoming!

GBPJPY reacting above ascending trendline support. Bounce incoming!

GBPJPY reacting above ascending trendline support. Bounce incoming!

GBPJPY is reacting above ascending trendline support. A short term bounce above 1st support at 151.571 towards 1st resistance at 151.920 could be possible. Stochastic reacting above support where price bounced in the past as well.

Trading Recommendation

Entry: 151.571

Reason for Entry:

38.2% Fibonacci retracement

Take Profit: 151.920

Reason for Take Profit:

76.4% Fibonacci retracement, descending trendline resistance

Stop Loss: 151.385

Reason for Stop Loss:

78.6% Fibonacci extension, Graphical swing low, Ascending trendline 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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