FX.co ★ GBPAUD potential bullish momentum

Price is expected to bounce upwards from the ascending trendline support. Price is expected to move towards the 1st Resistance in line with the previous swing high and 100% Fibonacci extension. Our bullish bias is further supported by the stochastic indicator, the K% line bounced off on the support level showing a strong upward movement.

Trading Recommendation

Entry: 1.87543

Reason for Entry:

88% Fibonacci retracement and previous swing low

Take Profit: 1.91504

Reason for Take Profit:

100% Fibonacci extension and previous swing high

Stop Loss: 1.86454

Reason for Stop Loss:

127.2% Fibonacci retracement