GBPUSD facing pressure from 1st resistance, further drop expected !

Price reacting at key graphical swing high and 61.8% Fibonacci extension level at 1st resistance (1.29155). A pullback towards ascending trendline support and 1st support at 1.28766 can be expected. Stochastics is testing resistance as well.

Trading Recommendation

Entry: 1.29155

Reason for Entry:

61.8% fib extension , horizontal swing high

Take Profit : 1.28766

Reason for Take Profit:

50% fib retracement, ascending trendline support

Stop Loss: 1.29357

Reason for Stop loss:

-27.2% fib retracement

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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