DESCRIPTION:
Yesterday the upside trendline was not breached by this currency; the GBP/USD upside movement is supported by the Fibonacci 61.8% resistance at 1.5768 and the Exponential Moving Average (100) as the dynamic resistance. However, if we look at the Exponential Moving Average (14) start crossed above the Exponential Moving Average (34), there is a possibility for this currency to continue the uptrend momentum.
Recommendation:
Buy stop pending order at 1.5784
Take profit 1 at 1.5820.
Take profit 2 at 1.5879.
Stop loss at 1.5725.
Or
Sell stop pending order at 1.5724.
Take profit level at 1.5710.
Stop loss at 1.5734.
Best regards,
Arief Makmur
Official Analyst of InstaForex Companies Group
InstaForex Companies Group
https://instaforex.com
Email : Arief.jakarta@indo.instaforex.com
Disclaimer:
Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
