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FX.co ★ GBPAUD facing bullish pressure, potential for further upside!

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Forex Analysis:::2021-02-03T09:49:38

GBPAUD facing bullish pressure, potential for further upside!

GBPAUD facing bullish pressure, potential for further upside!

Price continues to hold above the ascending trendline support and Ichimoku cloud, showing bullish pressure in line with our bullish bias. We could potentially see a bounce at our ascending trendline support and 1st support at 1.79300, in line with our 61.8% Fibonacci retracement and 78.6% Fibonacci extension, and a further push up towards our 1st resistance level at 1.80156, in line with our 50% Fibonacci extension and horizontal swing high resistance.

Trading Recommendation

Entry: 1.79300

Reason for Entry:

78.6% Fibonacci extension, 61.8% Fibonacci retracement and horizontal pullback support

Take Profit: 1.80156

Reason for Take Profit:

50% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.78775

Reason for Stop Loss:

127.2% Fibonacci extension and horizontal swing low support

Analyst InstaForex
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