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15.04.2021 12:47 PM
GBPUSD reacting below descending trendline resistance! Drop incoming!

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GBPUSD reacting below descending trendline resistance. A short term drop below our 1st resistance at 1.37848 towards recent swing low and 1st support at 1.37505 could be possible. RSI is testing resistance where price reacted in the past as well.

Trading Recommendation

Entry: 1.37848

Reason for Entry:

61.8% Fibonacci retracement, Descending trendline resistance

Take Profit: 1.37505

Reason for Take Profit:

-61.8% Fibonacci retracement, Graphical swing low

Stop Loss: 1.37998

Reason for Stop Loss:

Graphical swing high

Dean Leo,
Analytical expert of InstaForex
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