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FX.co ★ GBPNZD is facing bullish pressure, potential for further rise!

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Forex Analysis:::2020-09-29T11:30:37

GBPNZD is facing bullish pressure, potential for further rise!

GBPNZD is facing bullish pressure, potential for further rise!

Price is facing bullish pressure from our first support, in line with our 61.8% fibonacci extension, 38.2% fibonacci retracement, and horizontal graphical support where we could see a bounce above this level to our first resistance level. The Stochastics is showing signs of bullish pressure from the support level of 16.12.

Trading Recommendation

Entry: 1.95643

Reason for Entry:

61.8% fibonacci extension, 38.2% fibonacci retracement, and horizontal graphical support

Take Profit: 1.96762

Reason for Take Profit:

38.2%, 50% Fibonacci extension resistance, and horizontal graphical resistance

Stop Loss: 136.762

Reason for Stop Loss:

61.8% fibonacci retracement, 100% Fibonacci extension.

Analyst InstaForex
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