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18.01.2021 11:57 AM
GBPAUD is facing bullish pressure, potential for further upside!

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GBPAUD is facing bullish pressure from our ascending trendline support and Ichimoku cloud, in line with our bullish bias. We could see further upside from our 1st support level at 1.76050, which is in line with our 61.8% Fibonacci retracement and 100% Fibonacci extension, towards our 1st resistance at 1.76937, which is line with our 78.6% Fibonacci extension.

Trading Recommendation

Entry: 1.76050

Reason for Entry:

100% Fibonacci extension, 61.8% Fibonacci retracement and horizontal swing low support

Take Profit: 1.76937

Reason for Take Profit:

78.6% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.75508

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing low support

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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