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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
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