GBPUSD is facing bullish pressure from 1st support at 1.41270, in line with 38.2% fibonacci retracement and horizontal swing low support. We could see a bounce on the 1st support level towards the 1st resistance at 1.42074 which coincides with the 61.8% fibonacci extension level. EMA is also suggesting that the price is bullish.
Reason for Entry:
38.2 fibonacci retracement, horizontal swing low support
Take Profit: 1.42074
Reason for Take Profit:
61.8% fibonacci retracement, horizontal swing high resistance
Stop Loss: 1.40821
Reason for Stop Loss:
78.6% fibonacci retracement, horizontal swing low support
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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