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GBP/USD Is Testing Its Support, Prepare For A Bounce

Posted On 20 Apr 2018
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GBPUSD is approaching testing its support area at 1.4060 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap support, ascending support line) where we expect to see a bounce, pushing the price up all the way to its resistance at 1.4233 (50% Fibonacci retracement, horizontal overlap resistance). We do have to be cautious of the intermediate resistance at 1.4147 (23.6% Fibonacci retracement, horizontal overlap support).

Stochastic (89, 5, 3) is approaching support at 1.07% where we expect to see a corresponding bounce.

Buy above 1.4060. Stop loss at 1.3991. Take profit at 1.4233.

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

Source:: GBP/USD Is Testing Its Support, Prepare For A Bounce

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