FX.co ★ GBPUSD approaching 1st support, potential bounce!

Price is approaching 1st support, in line with 61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing low support. We could see a bounce and further rise up toward 1st resistance, in line with 78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance. Stochastics is also approaching support where price has bounced before in the past as well, indicating potential for further bullish pressure.

Trading Recommendation

Entry: 1.37999

Reason for Entry:

61.8% Fibonacci retracement, 78.6% Fibonacci extension and horizontal swing low support

Take Profit: 1.38921

Reason for Take Profit:

78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.37419

Reason for Stop Loss:

127.2% Fibonacci extension and horizontal swing low support