GBPAUD is facing bullish pressure from our ascending trendline support and Ichimoku cloud, in line with our bullish bias. We could see further upside from our 1st support level at 1.76050, which is in line with our 61.8% Fibonacci retracement and 100% Fibonacci extension, towards our 1st resistance at 1.76937, which is line with our 78.6% Fibonacci extension.
Trading Recommendation
Entry: 1.76050
Reason for Entry:
100% Fibonacci extension, 61.8% Fibonacci retracement and horizontal swing low support
Take Profit: 1.76937
Reason for Take Profit:
78.6% Fibonacci extension and horizontal swing high resistance
Stop Loss: 1.75508
Reason for Stop Loss:
161.8% Fibonacci extension and horizontal swing low support
