FX.co ★ GBPUSD broke above trendline resistance! Further push up incoming!

GBPUSD broke out of descending trendline resistance (now support) and is testing 1st support at 1.37766. Above which a short term bounce towards graphical overlap resistance at 1st resistance 1.38439 could be possible. Stochastic is testing support where price bounced in the past as well.

Trading Recommendation

Entry: 1.37766

Reason for Entry:

76.4% Fibonacci retracement, descending trendline support

Take Profit: 1.38439

Reason for Take Profit:

61.8% Fibonacci retracement, Overlap resistance

Stop Loss: 1.37319

Reason for Stop Loss:

Graphical swing low support.