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GBPUSD.P trade ideas

#GBPUSD 4HOn the GBP/USD 1-hour chart, the price has bounced off a key support level, indicating a potential bullish reversal. The support bounce suggests that buyers are stepping in at this level, preventing further decline and possibly initiating an upward move. Forecast: Buy A buy opportunity is expected as the price rebounds from support. Traders may consider entering a long position with the anticipation that the price will move higher, targeting nearby resistance levels. It’s important to monitor price action for confirmation that the support is holding, as a breakdown below the level could invalidate the buy setup.
Long
by PIPSFIGHTER
Mastering Support and Resistance: An Essential Tools for SuccessSupport and resistance are cornerstone principles in trading, offering crucial insights into price dynamics and market behavior. These levels act as key indicators, signaling points where an asset's price is likely to either pause or reverse direction. Support refers to the price level where strong demand prevents further declines, while resistance marks the point where selling pressure halts a price rise. Understanding and effectively utilizing these concepts can make a significant difference in trading success. In the realm of technical analysis, which focuses on using historical market data to predict future price movements, understanding support and resistance is essential. Traders rely on these levels to pinpoint optimal trade entry and exit points while also managing risk effectively. By recognizing where the market may reverse or maintain its trajectory, traders can craft more robust strategies. Decoding Support and Resistance Levels Support and resistance levels are vital price points on a chart that traders use to forecast future market behavior. Support represents a level where a downtrend is likely to pause, driven by a concentration of buying interest. In other words, it's the price point where demand is strong enough to stop further declines. For instance, if a stock repeatedly drops to $100 and then bounces back, $100 becomes a recognized support level. On the flip side, resistance is the price level where an uptrend often halts due to a high volume of sellers. Unlike support, resistance is where selling pressure overpowers buying interest, preventing prices from climbing further. If a stock consistently hits $150 and then retreats, $150 serves as a resistance level. Example Support and Resistance on Silver These levels are significant because they represent psychological thresholds for market participants. When prices approach support, buyers may step in, seeing it as a good entry point. Conversely, when prices near resistance, sellers might take action, expecting the price to struggle moving higher. Understanding how these levels work helps traders refine their timing and make more informed decisions. The Impact of Support and Resistance in Technical Analysis Support and resistance are pivotal in technical analysis, guiding traders in interpreting market movements and predicting future price trends. These levels act as psychological barriers that help determine whether a price trend will persist or reverse. For example, if a stock repeatedly approaches a resistance level but fails to break through, traders may interpret this as strong selling pressure and consider selling or shorting the asset. Conversely, if a price consistently rebounds off a support level, traders might see it as a buying opportunity. Example Resistance and Support on Apple Stock Visual tools like charts and diagrams are indispensable for identifying support and resistance levels. By drawing horizontal lines at points where the price has historically reversed, traders can easily spot critical levels and predict potential market movements. These visual aids enhance decision-making by providing a clear picture of where key price barriers lie. The Crucial Role of Support and Resistance Levels in Trading Strategies Support and resistance levels are the foundation of successful trading strategies, offering traders the tools to optimize entry and exit points, maximize profits, and manage risks effectively. For example, when a price hovers near a support level, a trader might take a long position, anticipating a rise in value. Simultaneously, they could place a Stop Loss just below the support level to limit potential losses if the price unexpectedly drops. Similarly, resistance levels provide invaluable insights for deciding when to exit trades or set profit targets. If a price approaches resistance, it might be wise to close a position to secure gains or prepare for a possible reversal. Understanding and identifying support and resistance levels also play a vital role in risk management. Setting Stop Loss orders near these levels helps traders protect their capital from significant losses if the market turns against them. This disciplined approach not only enhances profitability but also promotes long-term success in trading. Different Forms of Support and Resistance Support and resistance levels come in various forms, each providing unique perspectives on market behavior. The most common types include horizontal levels, trendlines, and moving averages. --Horizontal Support and Resistance: These levels are drawn at points where the price has consistently reversed in the past, making them straightforward and widely recognized. Horizontal Resistance on Tesla Stock --Trendline Support and Resistance: Trendlines connect a series of higher lows in an uptrend or lower highs in a downtrend, acting as dynamic support and resistance. In an uptrend, the trendline can signal buying opportunities, while in a downtrend, it might serve as resistance. Trendline Support on EUR/USD --Moving Averages: Moving averages, such as the 50-day or 200-day average, often act as support or resistance. For instance, during an uptrend, a pullback to the 50-day moving average can indicate a buying opportunity. Moving Averages Used as Support and Resistance on USD/CAD How to Identify Key Support and Resistance Levels To identify strong support and resistance levels, traders use several strategies: --Spot Price Clusters: Look for areas where the price consistently reverses direction, signaling strong support or resistance zones. --Use Technical Indicators: Tools like Fibonacci retracements help identify potential reversal levels during pullbacks by dividing a price move into key percentages (38.2%, 50%, and 61.8%). Fibonacci Tool used as Support and Resistance areas on DXY Common Pitfalls When Using Support and Resistance in Trading While support and resistance are essential, there are common mistakes traders should avoid: --Over-Reliance on Exact Numbers: Support and resistance are better viewed as zones rather than exact values. Prices may fluctuate slightly above or below these levels before reversing. --Ignoring Confirmation Signals: Jumping into trades without confirmation can lead to losses. Always look for signs like candlestick patterns or increased volume to confirm that the level will hold. --Chasing Breakouts Too Hastily: Not all breakouts result in sustained trends. Waiting for confirmation, such as increased volume, helps avoid being caught in a false breakout. --Impatience: Many traders act prematurely at support or resistance levels. Patience is key—stick to your trading plan and wait for the right setup. Advanced Strategies for Support and Resistance Trading For more experienced traders, support and resistance levels can serve as the basis for advanced strategies: --Breakouts: A breakout occurs when the price moves above resistance or below support, often signaling the start of a new trend. Confirming breakouts with increased volume helps reduce the risk of false signals. Breakout Confirmation on BTC --Fakeouts: Prices may temporarily breach support or resistance before reversing direction. Advanced traders capitalize on these by waiting for the price to return within the range and then taking positions in the opposite direction. Fakeouts on BTC --Reversals: Traders use reversal strategies when the price changes direction after hitting support or resistance, often signaling the start of a new trend. Area $72000 resistance used as reversal on BTC Conclusion Mastering support and resistance levels is vital for any trader aiming for long-term success. These concepts are the backbone of technical analysis, guiding traders in making informed decisions about when to enter, exit, and manage risks. By understanding and identifying key support and resistance zones, traders can predict price movements, spot opportunities, and refine their strategies. Incorporating technical analysis into your trading routine will boost your confidence in navigating the market. Whether you’re a beginner or a seasoned trader, honing your skills with support and resistance can lead to more disciplined and profitable trading.
Editors' picks
Education
by FOREXN1
14
Bullish Bias with Key Drivers on GBPUSD market for 10/10/2024.Today, October 10, 2024, we anticipate a slight bullish bias for the GBPUSD pair, driven by several fundamental factors and market conditions. Traders looking to capitalize on today's moves in the GBP/USD pair should pay attention to these key economic drivers: Key Drivers Supporting GBPUSD Bullish Bias: 1. UK Economic Data: Strong GDP and Employment Figures Recently released data from the UK indicates that its economy continues to recover strongly. The GDP growth rate has exceeded market expectations, suggesting that the British economy is expanding at a faster pace than anticipated. Additionally, the UK's employment figures have shown resilience, with unemployment remaining low and wage growth supporting consumer spending. Keywords: UK GDP growth, UK employment, British economy recovery, GBP bullish, UK wage growth 2. Hawkish Bank of England Stance The Bank of England (BoE) has maintained a hawkish stance in recent months, signaling potential interest rate hikes to combat rising inflation. The BoE’s monetary policy outlook is a key driver for the British Pound's strength, as higher interest rates tend to support the currency. With UK inflation still above target, traders are expecting the central bank to continue tightening its policy, adding support to the GBP. Keywords: Bank of England, BoE hawkish, UK interest rate hikes, GBPUSD support, UK inflation, British Pound outlook 3. US Dollar Weakness Amid Dovish Fed Tone On the other side of the equation, the US Dollar has shown signs of weakness due to the Federal Reserve's more dovish tone recently. The Federal Reserve has hinted at a potential pause in interest rate hikes as inflation in the US shows signs of cooling down. A dovish Fed typically weighs on the USD, providing further upside potential for the GBPUSD pair. Keywords: USD weakness, Federal Reserve dovish, Fed interest rates, US Dollar vs Pound, USD softening 4. Brexit Resolution and Trade Balance Improvements In addition to economic data, the UK's post-Brexit trade balance has seen gradual improvements, and the resolution of trade agreements has eased investor concerns. As trade relations stabilize, this adds another layer of support to the British Pound. Markets are slowly pricing in this long-term structural improvement in the UK's trade outlook. Keywords: Brexit resolution, UK trade balance, GBPUSD strength, post-Brexit trade relations Market Sentiment & Technical Outlook Technically, GBPUSD has found strong support around the 1.2150 level, which could act as a launching point for further gains. The Relative Strength Index (RSI) is also showing signs of a potential upward reversal from oversold levels, aligning with the fundamental drivers for the day. Traders may watch for breakouts above the 1.2200 resistance level to confirm bullish momentum. Keywords: GBPUSD technical analysis, GBPUSD support and resistance, RSI oversold, GBPUSD trend reversal, technical outlook GBPUSD Conclusion Given the robust UK economic data, the hawkish stance of the Bank of England, coupled with US Dollar weakness, and an improving post-Brexit trade scenario, the outlook for the GBPUSD pair remains slightly bullish today. While geopolitical risks or unforeseen developments could impact the currency pair, the current market conditions favor upside potential for GBPUSD. Traders should keep a close eye on upcoming US inflation data, as this could introduce volatility, but for now, the GBPUSD seems poised for moderate gains. Keywords: GBPUSD forecast, GBPUSD outlook, GBPUSD bullish bias, GBPUSD analysis, GBPUSD trading strategy, GBPUSD live price, GBP/USD forex trading, currency pair analysis, forex today —— This analysis provides insight into why GBPUSD may exhibit a bullish bias today, supported by both fundamental and technical factors. For more in-depth analysis, check out our latest updates and live market commentary on TradingView. Keywords: GBPUSD live update, forex market analysis, daily forex analysis, currency trading, GBPUSD live analysis TradingView
Long
by PERFECT_MFG
CPI Report: How Can You Use It in Trading?CPI Report: How Can You Use It in Trading? The Consumer Price Index (CPI) report is a vital economic indicator that measures inflation by tracking changes in the prices of goods and services. Understanding CPI data is crucial for traders as it influences interest rates, market trends, and investment strategies. This article delves into the intricacies of the CPI report, explaining its significance and how traders can utilise it in their trading decisions. Understanding the CPI Understanding the CPI is crucial for grasping inflation trends and their broader economic implications. The CPI measures the average price change over time, generally a year, quarter, or a month, for a basket of goods and services typically purchased by households. In the US, the Bureau of Labor Statistics (BLS) collects price data on a wide range of items, including food and beverages, housing, apparel, transportation, medical care, recreation, education and communication, and other goods and services. This data is then weighted based on consumer spending patterns to calculate the Consumer Price Index. In the UK, the Office for National Statistics (ONS) publishes the CPI, similar to the US model, while the European Union releases both individual country CPIs and a harmonised index for the Eurozone. Australia's CPI is released by the Australian Bureau of Statistics (ABS). There are two main types of CPI: 1. Headline CPI: This is the most comprehensive measure, including all items in the consumer basket. It captures overall inflation but can be volatile due to fluctuating food and energy prices. 2. Core CPI: This excludes food and energy prices, which are highly volatile. Core CPI provides a clearer view of underlying inflation trends, helping policymakers and traders focus on sustained price changes. Headline CPI is considered the most important, closely followed by Core CPI. Traders focus on year-over-year (YoY) and month-over-month (MoM) rates, with the YoY headline and core rates receiving the most attention due to their longer-term view of inflation. The YoY rate compares the current CPI with the same month in the previous year, providing a long-term view of inflation trends. The MoM rate compares the current CPI with the previous month, offering a shorter-term perspective. Traders look to these rates to gauge how fast or slow inflation is growing. CPI and Inflation Rate CPI is a specific measure of the price level of a fixed basket of goods and services. It provides a snapshot of the cost of a fixed basket of goods and services at a given point in time and is expressed as an integer (e.g. May’s US CPI reads 314.07). CPI = (Cost of Market Basket in Current Year/Cost of Market Basket in Base Year) x 100 Inflation Rate The inflation rate is a percentage change that indicates how much the general price level is rising over time. Inflation Rate = ((CPI in Current Year-CPI in Previous Year)/CPI in Previous Year)x100 In essence, the CPI provides the data needed to calculate the inflation rate, which in turn gives insight into the economic trend of rising prices. CPI data is critical for policymakers, businesses, and traders. Policymakers use it to adjust economic policies and social security benefits. Businesses use CPI trends to set prices and wages. Understanding the CPI report helps traders gauge inflationary pressures, anticipate monetary policy actions, and adjust their trading strategies accordingly. Schedule of Releases for the Consumer Price Index The schedule of Consumer Price Index releases varies across major economies. Below is the CPI release time for the most notable economies: - United States: Monthly, usually around the middle of the month, released by the Bureau of Labor Statistics (BLS). - United Kingdom: Monthly, typically around the middle of the month, published by the Office for National Statistics (ONS). - Eurozone: Monthly, with preliminary data at the end of the month and final data in the middle of the following month, released by Eurostat. - Individual Eurozone Countries: Monthly, with slight variations; national statistics agencies release individual country data. - Australia: Quarterly, released by the Australian Bureau of Statistics (ABS). - Japan: Monthly, typically at the end of the month, published by the Statistics Bureau. - Canada: Monthly, around the third week of the month, released by Statistics Canada. CPI Meaning in Forex and Other Markets Interpreting CPI data is essential for traders aiming to understand inflation trends and their potential market impacts. CPI data helps central banks, like the Federal Reserve in the US, the Bank of England, and the European Central Bank, monitor inflation and adjust monetary policy. Central banks often have a target inflation rate as a sign of a healthy economy. This target informs decisions on interest rates and other monetary policies. In a high CPI environment, where inflation is consistently above the target, central banks may raise interest rates to cool the economy. Conversely, in a low CPI environment, they may lower rates to stimulate spending and investment. Short-term Implications In the short term, traders compare actual CPI results with forecasts or consensus estimates, which are available through FXOpen's economic calendar or financial news sites like Bloomberg and CNBC. Whether CPI is higher or lower than the previous month tends to have less bearing for short-term traders. A weaker-than-expected result, indicating lower inflation, typically weakens a currency and boosts stocks. This is because it suggests future monetary policy will be looser, either through lower interest rates or maintaining current low rates. Conversely, a higher-than-expected result suggests rising inflation, likely leading to a stronger currency and weaker stock market due to anticipated tighter monetary policy. If the CPI meets the forecast, the market reaction is usually weak as the data is priced in. However, the currency is expected to rise/fall before the release. For example, if the CPI is expected to be higher, this could strengthen the currency and weaken stocks ahead of the release. Long-term Implications Over the long term, the trend in CPI data is more critical. Policymakers typically look for sustained movements in the inflation rate before making significant monetary policy changes. For example, a higher-than-forecast CPI rate might strengthen a currency in the short term, but if it occurs within a longer-term trend of falling inflation, it may not lead to immediate interest rate hikes and the currency is likely to weaken over time, all else being equal. Additional Considerations Traders also consider the broader economic context, such as employment data and GDP growth, when interpreting CPI data. For instance, if the labour market is strong (low unemployment) and GDP growth is robust, then a high inflation reading may result in a significant strengthening of a currency since the economy appears to be overheating and may require higher interest rates. However, as described, the market expectation is generally the most important when trading CPI news. If the market is already expecting a high inflation reading in this scenario, then a weaker-than-forecast CPI report may actually weaken a currency initially, even if inflation remains elevated overall. Trading the CPI Report Here are the main steps traders follow when trading CPI reports. Preparing for the Report Before the release of the CPI report, it’s crucial to gather insights and projections from analysts. Researching consensus ranges by searching terms like "US CPI May 2024 consensus ranges" can also help traders understand potential deviations from the expected figures, which is useful for understanding what constitutes an expectation vs a surprise. It’s worth noting that, in periods of low inflation, CPI tends to be more stable and predictable. However, during high or volatile inflation, the market reaction can be more pronounced. Traders can also monitor leading inflation indicators such as the Producer Price Index (PPI). This indicator reflects the inflationary pressures faced by producers, which can influence the CPI. While these should be used holistically rather than as definitive signals, they can provide valuable context for anticipating CPI movements. Trading Before the Report The CPI release is typically one of the most volatile events of the month for stocks and currencies, especially during periods of heightened inflation focus, as seen since 2021. Traders either position themselves based on their expectations or wait for the release to act. Those taking positions before the release do so several hours before the release to catch the increased volatility, but they close their trades just before the data is out to avoid potential losses due to unexpected market reactions. Post-Release Following the release, there are usually two main outcomes: a trend triggered by a surprise or a reversal. Surprise Outcome A significant deviation from expectations (higher or lower) can lead to a repricing of assets, resulting in increased market volatility and a change in the price movement. In such scenarios, some traders wait for a pullback as traders take profits. These pullbacks can potentially provide good entry points as long as the underlying data is in line with the trend. Stop loss placement in a pullback after CPI may be difficult, given there is unlikely to be a nearby swing point. A trader may, therefore, prefer for the high or low originating the pullback to be traded through to enter a position, allowing for a stop loss beyond the pullback’s high or low. Reversal Outcome In some cases, there may be a reversal after the initial market reaction. Algorithms might push prices in one direction initially based on the headline reading, only for the trend to reverse as traders examine the underlying details. This is more common with at-forecast headline CPI figures but can also occur with surprises. Fading the initial strong push can be tricky and requires high conviction in the reversal. Some traders may prefer to wait for the price to close beyond the open of the CPI release candle, which can be a strong indicator that a reversal is truly underway. GBP/USD Example In the chart above, we see GBP/USD on April 10th, with US CPI data released at 12:30 pm GMT time. Traders were anticipating signs of falling inflation to bring forward rate cuts from the Federal Reserve. To observe price action for yourself, head over to FXOpen’s free TickTrader platform to access live charts. Here are the actual vs expected figures: - CPI YoY: 3.5% (expected 3.4%) - CPI MoM: 0.4% (expected 0.3%) - Core CPI YoY: 3.8% (expected 3.7%) - Core CPI MoM: 0.4% (expected 0.3%) Each metric exceeded forecasts. This delayed expected Fed rate cuts and strengthened the dollar. Consequently, GBP/USD dropped sharply after the release. We observed a brief dead cat bounce before the bearish trend resumed for the rest of the day, reinforcing dollar strength for the rest of the week. Notably, this dead cat bounce/pullback presents an ideal entry point. Waiting for the low to be traded through is a viable strategy; a trader can enter once the low is closed through, with a stop loss set above the pullback high. Presumably, price moving back above an area it previously found resistance in post-release and after a lower low would potentially invalidate the idea. As seen in the chart above, the release severely damaged hopes of Fed rate cuts, with dollar bullishness persisting for the following days. The Bottom Line Understanding the CPI meaning in the stock market and other markets is essential for gauging market trends and economic policies. By analysing CPI data, traders can better navigate the underlying currents of the market and leverage inflation reports for trading. Open an FXOpen account to stay ahead of economic indicators and enhance your trading experience with expert insights and tools. Frequently Asked Questions What Does CPI Stand For? CPI stands for Consumer Price Index. It is a key economic indicator that tracks changes in the prices of a basket of consumer goods and services purchased by households. What Is the CPI Report? The Consumer Price Index (CPI) report measures the average change in prices over time for a basket of goods and services. Compiled by national statistics agencies, it provides essential data on inflation, influencing economic policy and monetary policy decisions. How Does CPI Affect Interest Rates? CPI data influences central bank decisions on interest rates. Higher-than-expected inflation can lead to increased interest rates to cool the economy, while lower-than-expected inflation might prompt rate cuts to stimulate growth. How Does CPI Affect Currencies? CPI impacts currency values by influencing interest rate expectations. Higher CPI readings typically strengthen a currency due to anticipated rate hikes, while lower readings can weaken it as rate cuts become more likely. Traders can infer currency direction from CPI, meaning in forex trading, they might enter a position based on the results of the release. How Does CPI Affect the Stock Market? CPI affects the stock market by shaping investor expectations about future economic conditions and monetary policy. Higher inflation can lead to fears of tighter monetary policy, potentially decreasing stock prices, while lower inflation might boost stocks due to anticipated easier monetary policy. When Does CPI Come Out? The release schedule for CPI varies by country. For instance, in the US, it is typically released around the middle of each month. Generally speaking, CPI reports are released in the morning of the respective country. How Often Does the CPI Come Out? The frequency of CPI releases differs by region. In most major economies, including the US, UK, Eurozone, Japan, and Canada, CPI is released monthly. In Australia and New Zealand, it is published quarterly. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Education
by FXOpen
3
GBPUSD H4 | Bullish BounceBased on the H4 chart analysis, we can see that the price has just bounced off our buy entry at 1.3060, which is an overlap support. Our take profit will be at 1.3121, which is an overlap resistance level. The stop loss will be placed at 1.3012, which is a multi-swing low support level. High Risk Investment Warning Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors. Leverage can work against you. Stratos Markets Limited (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider.You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Europe Ltd, previously FXCM EU Ltd (www.fxcm.com): CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 59% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Stratos Trading Pty. Limited (www.fxcm.com): Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763), please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at www.fxcm.com Stratos Global LLC (www.fxcm.com): Losses can exceed deposits. Please be advised that the information presented on TradingView is provided to FXCM (‘Company’, ‘we’) by a third-party provider (‘TFA Global Pte Ltd’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by TFA Global Pte Ltd. The speaker(s) is neither an employee, agent nor representative of FXCM and is therefore acting independently. The opinions given are their own, constitute general market commentary, and do not constitute the opinion or advice of FXCM or any form of personal or investment advice. FXCM neither endorses nor guarantees offerings of third party speakers, nor is FXCM responsible for the content, veracity or opinions of third-party speakers, presenters or participants.
Long
by FXCM
BoE is dovisher than the Fed. Will Sterling continue to fall? Sterling is exhibiting weakness as a robust US economy bolsters the dollar. With the likelihood of a substantial Fed rate cut now nullified by the strong US job market, speculation of further rate cuts by the BoE in November is exerting downward pressure on the GBPUSD. BoE Governor Andrew Bailey's statement about the potential for more aggressive rate cuts in response to ongoing inflation decline has intensified apprehensions about the BoE's hawkish monetary policy. It is also worth noting that the UK Treasury is expected to present a budget with tax hikes and austerity measures. This could exert pressure on near-term growth for the UK economy and lead to a decline in the value of the Sterling. GBPUSD maintained its downtrend and fell to 1.3060. The widening distance between both EMAs suggests a bearish momentum. If GBPUSD breaks the support at 1.3050, the price may fall further to 1.2960. Conversely, if GBPUSD breaches the resistance at 1.3250 and holds above both EMAs, the price could gain upward momentum toward 1.3435.
by inkicho_exness
Bullish reversal?GBP/USD is falling towards the support level which is an overlap support that is slightly below the 50% Fibonacci retracement and could reverse from this level to our take profit. Entry: 1.3031 Why we like it: There is an overlap support that is slightly below the 50% Fibonacci retracement. Stop loss: 1.2940 Why we like it: There is an overlap support level that is slightly below the 61.8% Fibonacci retracement. Take profit: 1.3159 Why we like it: There is an overlap resistance level that is slightly above the 23.6% Fibonacci retracement. Enjoying your TradingView experience? Review us! Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
Long
by VantageMarkets