BluetonaFX - GBPUSD 61.8 Fibonacci LONG to Trendline Resistance
Hi Traders!
GBPUSD has found some short-term support at the 61.8 Fibonnaci Retracement Area, and there are opportunities for long entries towards the trend line resistance.
Price Action 📊
The 61.8 Fibonacci area looks quite strong at the moment; the bears seem to have exhausted at this level. Although we must be careful here as the market is still under the 20 EMA, trades should be kept very tight in case of any continuation to the downside.
Fundamental Analysis 📰
There were positive fugures out of the UK this morning with better than expected GDP m/m and preliminary GDP q/q figures, which will most likely increase positivity on the pound.
Support 📉
1.22128: PREVIOUS DAY'S LOW
Resistance 📈
1.22580: PREVIOUS DAY'S HIGH
1.22658: TRENDLINE RESISTANCE
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
GBPUSD has found some short-term support at the 61.8 Fibonnaci Retracement Area, and there are opportunities for long entries towards the trend line resistance.
Price Action 📊
The 61.8 Fibonacci area looks quite strong at the moment; the bears seem to have exhausted at this level. Although we must be careful here as the market is still under the 20 EMA, trades should be kept very tight in case of any continuation to the downside.
Fundamental Analysis 📰
There were positive fugures out of the UK this morning with better than expected GDP m/m and preliminary GDP q/q figures, which will most likely increase positivity on the pound.
Support 📉
1.22128: PREVIOUS DAY'S LOW
Resistance 📈
1.22580: PREVIOUS DAY'S HIGH
1.22658: TRENDLINE RESISTANCE
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
Comment:
Trendline Resistance broken