GBP/USD approaching support, prepare to buy for a quick bounce
July 21, 2017 2:03 am
The price is approaching strong support at 1.2929 (Fibonacci retracement, Fibonacci extension, horizontal pullback support, bullish divergence) and we expect to see a strong bounce above this level to at least 1.3006 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing strong support above 9.59% where we expect a bounce from and also displays bullish divergence vs price signaling that a bounce is impending.
Buy above 1.2929. Stop loss is at 1.3006. Take profit is at 1.2897.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The price is approaching strong support at 1.2929 (Fibonacci retracement, Fibonacci extension, horizontal pullback support, bullish divergence) and we expect to see a strong bounce above this level to at least 1.3006 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,5,3) is seeing strong support above 9.59% where we expect a bounce from and also displays bullish divergence vs price signaling that a bounce is impending.
Buy above 1.2929. Stop loss is at 1.3006. Take profit is at 1.2897.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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