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08.06.202110:31 Forex Analysis & Reviews: GBPUSD approaching ascending trendline support! Bounce incoming!

Exchange Rates 08.06.2021 analysis

GBPUSD is approaching ascending trendline support and 50% Fibonacci retracement. A short term bounce about our 1st support at 1.41496 towards graphical swing high and 1st resistance at 1.41891 could be possible. Stochastics is also approaching support where price bounced in the past as well.

Trading Recommendation

Entry: 1.41496

Reason for Entry:

50% Fibonacci retracement, ascending trendline support

Take Profit: 1.41891

Reason for Take Profit:

Graphical swing high resistance

Stop Loss: 1.41157

Reason for Stop Loss:

Graphical swing low 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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