GBPCHF Bullish Bounce | 23th Nov 2021

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Prices are on a bullish momentum and appear to be consolidating in a triangle. We see potential for climb from our 1st support at 1.25191 in line with 50% Fibonacci retracement and graphical overlap towards our 1st resistance at 1.25809 which is an area of Fibonacci confluences. Alternatively, our stop loss will be placed at 2nd support at 1.24538 in line with 38.2% and 78.6% Fibonacci extension. Technical indicators are showing bullish momentum.

Trading Recommendation

Entry: 1.25191

Reason for Entry:

50% Fibonacci retracement and graphical overlap

Take Profit: 1.25809

Reason for Take Profit:

Area of Fibonacci confluences

Stop Loss: 1.86436

Reason for Stop Loss:

38.2% and 78.6% Fibonacci extension

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

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