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06.05.2021 10:04 AM
GBPAUD reacting below descending trendline resistance. Drop incoming!

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GBPAUD reacting below descending trendline resistance. Prices might push down towards 1st support in line with horizontal swing low support as well as 100% Fibonacci extension. RSI is also facing bearish pressure from descending trendline resistance.

Trading Recommendation

Entry: 1.80259

Reason for Entry:

78.6% Fibonacci retracement, Descending trendline resistance

Take Profit: 1.79303

Reason for Take Profit:

100% Fibonacci extension

Stop Loss: 1.80612

Reason for Stop Loss:

Horizontal swing high resistance, 78.6% Fibonacci extension

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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