empty
 
 
17.05.2021 08:44 AM
GBPUSD facing bullish pressure, potential for further upside!

This image is no longer relevant

Prices are facing bullish pressure as prices are taking support from horizontal pullback support in line with 50% Fibonacci retracement and 78.6% Fibonacci extension. Prices might push up towards horizontal overlap resistance in line with 61.8% Fibonacci retracement. If prices push down further, prices might take support from horizontal swing low support in line with 61.8% Fibonacci retracement and 100% Fibonacci extension. EMA is below prices, showing a bullish pressure for prices.

Trading Recommendation

Entry: 1.40626

Reason for Entry:

Horizontal pullback support, 50% Fibonacci retracement, 78.6% Fibonacci extension

Take Profit: 1.41076

Reason for Take Profit:

Horizontal overlap resistance, 61.8% Fibonacci retracement

Stop Loss: 1.40355

Reason for Stop Loss:

Horizontal swing low support, 61.8% Fibonacci retracement, 100% Fibonacci extension

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback