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GNP

GBPUSD potential for further uptrend | 17th JanPrice is abiding by the ascending trendline and near buy entry price entry of 1.36550 which is also 78.6% Fibonacci projection and 38.2% Fibonacci retracement . Price can potentially go to the take profit level of 1.38222 which is also the graphical swing high level. Our bullish bias is suppourted by the ichimoku cloud indicator as price is trading above it. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
Long
by FXCM
#GBPUSD approaching pivot, potential for a breakout!Price is approaching and likely to breakout of strong pivot level of 1.3415. This level coincides with 161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing low support. A break and close above this level could see price swing towards 1st resistance at 1.39813. This level is strengthened by 200% Fibonacci retracement level, 161.8% Fibonacci extension level. Finally, we can expect price to take support at 1.3297, which coincides with 200% Fibonacci retracement level, 161.8% Fibonacci extension level . This is further supported by how price is likely to bounce off the RSI support level . Pivot: 1.34150 Why we like it: 161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing low support 1st Support: 1.32970 Why we like it: 200% Fibonacci retracement level, 161.8% Fibonacci extension level 1st Resistance: 1.39813 Why we like it: 23.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support Trading FX & CFDs carries high risk.
Long
by VantageMarkets