empty
 
 
13.10.2021 08:11 AM
GBPUSD is facing bullish pressure, potential for a further rise!

This image is no longer relevant

Price is reacting above 1st support at 1.35438 in line with 50% Fibonacci retracement and 127.2% Fibonacci extension. It could potentially bounce from 1st support at 1.35438 in line with 50% Fibonacci retracement and 127.2% Fibonacci extension to 1st resistance at 1.37172 in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. Our bullish view is further supported by how the price is holding above the moving average and the Ichimoku cloud. Stochastic indicator is also reacting above support where price bounced in the past which is in line with our bullish bias. Otherwise Price may bearish towards 2nd support at 1.34821 in line with 78.6% Fibonacci retracement and 200% Fibonacci extension.

Trading Recommendation

Entry: 1.35438

Reason for Entry:

50% Fibonacci retracement and 127.2% Fibonacci extension

Take Profit: 1.37172

Reason for Take Profit:

61.8% Fibonacci retracement and 61.8% Fibonacci extension

Stop Loss: 1.34821

Reason for Stop Loss:

78.6% Fibonacci retracement and 200% Fibonacci extension

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback