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FX.co ★ GBPAUD reacting above 1st support, potential for further upside!

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Forex Analysis:::2021-06-14T07:41:30

GBPAUD reacting above 1st support, potential for further upside!

GBPAUD reacting above 1st support, potential for further upside!

Price is reacting above 1st support, which is in line with our 50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal overlap support. We could see further upside above this level, towards 1st resistance, in line with 78.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance. Price is also holding above the moving average support, in line with our bullish bias.

Trading Recommendation

Entry: 1.82953

Reason for Entry:

50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal overlap support

Take Profit: 1.83947

Reason for Take Profit:

78.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance

Stop Loss: 1.82318

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing low support

Analyst InstaForex
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