FX.co ★ GBPAUD potential pullback to trendline

GBPAUD is approaching horizontal pullback resistance in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension . Prices might pullback towards horizontal swing low support in line with 61.8% Fibonacci extension and ascending trendline support. If prices continue to push up further, prices might face resistance from horizontal swing high resistance in line with 100% Fibonacci extension . MACD is also showing a crossover and a bearish signal.

Trading Recommendation

Entry: 1.69887

Reason for Entry:

61.8% Fibonacci retracement, 100%, 127.2% Fibonacci extension and horizontal pullback support

Take Profit: 1.70583

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.69374

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing low support