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06.05.202110:04 Forex Analysis & Reviews: GBPAUD reacting below descending trendline resistance. Drop incoming!

Exchange Rates 06.05.2021 analysis

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

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
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