02.02.202108:46 Forex Analysis & Reviews: GBPUSD holding above ascending trendline! Further rise incoming!

Exchange Rates 02.02.2021 analysis

Price is holding above ascending trendline support with stochastic indicator testing support where price bounced in the past. A further push up above 1st support at 1.36800 towards 1st resistance at 1.37192 could be likely.

Trading Recommendation

Entry: 1.36800

Reason for Entry:

38.2% Fibonacci retracement

Take Profit: 1.37192

Reason for Take Profit:

61.8% Fibonacci retracement

Stop Loss: 1.36573

Reason for Stop Loss:

Horizontal swing low support and Ascending trendline support

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

Dean Leo,
Analytical expert of InstaForex
© 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

USDJPY short-term bearish pressure | 20th Oct 2021
Price is holding on an ascending channel however, price can be expected to retrace back to the support level. We can expect the price to hit 1st Resistance in line with 161.8% Fibonacci retracement and 78.6% Fibonacci projection and drop down towards the 1st Support in line with 100% Fibonacci.
Author: Dean Leo
02:02 2021-10-20 UTC--4
GBPCHF facing bullish pressure, potential for more upside!
Price is above 1st support at 1.27205 in line with 38.2% Fibonacci retracement and 23.6% Fibonacci extension. It could potentially bullish from 1st support at 1.2705 in line with 38.2% Fibonacci retracement and 23.6% Fibonacci extension to 1st resistance at 1.28183 in line with Horizontal swing.
Author: Dean Leo
01:59 2021-10-20 UTC--4
USDCAD bearish continuation | 20th Oct 2021
On the H4, with the existing bearish sentiment where price is moving below the ichimoku and in a downwards trend within the channel, we may expect to see price head for 1st support at 1.23114 which is a horizontal swing low support in line with the 61.8% Fibonacci extension and 127.2% Fibonacci.
Author: Dean Leo
01:58 2021-10-20 UTC--4
Show more
Can't speak right now?
Ask your question in the chat.