GBPCHF potential for pullback! | 17 Nov 2021

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Price is on bearish momentum and abiding to our bullish trendline. We see potential for a dip from our 1st resistance at 1.25055 in line with 61.8% Fibonacci retracement, 127.2% Fibonacci extension and 50% Fibonacci retracement towards our 1st support at 1.24090 in line with 50% Fibonacci retracement and graphical overlap. Alternatively, our stop loss will be placed at 2nd resistance at 1.24090 in line with 50% Fibonacci retracement and graphical overlap. Technical indicators are showing bearish momentum.

Trading Recommendation

Entry: 1.25055

Reason for Entry:

61.8% Fibonacci retracement, 127.2% Fibonacci extension and 50% Fibonacci retracement

Take Profit: 1.24090

Reason for Take Profit:

50% Fibonacci retracement and graphical overlap

Stop Loss: 1.24090

Reason for Stop Loss:

50% Fibonacci retracement and graphical overlap

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

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