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22.01.202110:18 Forex Analysis & Reviews: GBPUSD is approaching support, potential bounce!

Exchange Rates 22.01.2021 analysis

Price is testing our first support, in line with our ascending trend line, graphical pullback support, 38.2% fibonacci retracement and 61.8% fibonacci extension where we could see a bounce above this level. A break above our upside confirmation could see a further push up to test our first resistance target.

Trading Recommendation

Entry: 1.37006

Reason for Entry:

ascending trend line, graphical pullback support, 38.2% fibonacci retracement and 61.8% fibonacci extension

Take Profit: 1.37767

Reason for Take Profit:

78.6% fibonacci extension

Stop Loss: 1.36642

Reason for Stop Loss:

61.8% fibonacci retracement, 78.6% fibonacci extension

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
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