GBPAUD is facing short-term bullish pressure.

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Price is approaching the support of the descending price channel and above the Daily ascending trendline support. Price may bounced from 1st support at 1.82555 in line with Horizontal swing low and 61.8% Fibonacci extension to 1st resistance 1.84728 in line 50% Fibonacci retracement with 61.8% Fibonacci extension. Our bullish view is further supported by how RSI is approaching support where Price bounced in the past. Otherwise price may bearish towards 2nd support at 1.81688 in line with Horizontal graphical overlap support and 78.6% Fibonacci extension.

Trading Recommendation

Entry: 1.82555

Reason for Entry:

Horizontal swing low and 61.8% Fibonacci extension

Take Profit: 1.84728

Reason for Take Profit:

50% Fibonacci retracement with 61.8% Fibonacci extension

Stop Loss: 1.81688

Reason for Stop Loss:

Horizontal graphical overlap support and 78.6% Fibonacci extension

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

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