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17.05.202108:44 Forex Analysis & Reviews: GBPUSD facing bullish pressure, potential for further upside!

Exchange Rates 17.05.2021 analysis

Prices are facing bullish pressure as prices are taking support from horizontal pullback support in line with 50% Fibonacci retracement and 78.6% Fibonacci extension. Prices might push up towards horizontal overlap resistance in line with 61.8% Fibonacci retracement. If prices push down further, prices might take support from horizontal swing low support in line with 61.8% Fibonacci retracement and 100% Fibonacci extension. EMA is below prices, showing a bullish pressure for prices.

Trading Recommendation

Entry: 1.40626

Reason for Entry:

Horizontal pullback support, 50% Fibonacci retracement, 78.6% Fibonacci extension

Take Profit: 1.41076

Reason for Take Profit:

Horizontal overlap resistance, 61.8% Fibonacci retracement

Stop Loss: 1.40355

Reason for Stop Loss:

Horizontal swing low support, 61.8% Fibonacci retracement, 100% Fibonacci extension

*Analiza de piață publicată aici este menită să vă sporească conștientizarea, nu pentru a oferi instrucțiuni pentru a efectua un schimb.

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