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16.03.2022 06:06 AM
GBPUSD Potential For Further Bearish Continuation | 16th Mar 2022

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On the H4 timeframe, prices are on bearish momentum and abiding by a descending trendline. We see the potential for further bearish continuation from our 1st resistance at 1.30952 in line with 23.6% Fibonacci retracement and 61.8% Fibonacci Projection towards our 1st support at 1.30020 in line with 100% Fibonacci projection. Prices are trading below our Ichimoku cloud support, further supporting our bearish bias. Alternatively, prices may climb higher towards our 2nd resistance at 1.31781 in line with 38.2% Fibonacci retracement.

Trading Recommendation

Entry: 1.30952

Reason for Entry:

23.6% Fibonacci retracement and 61.8% Fibonacci Projection

Take Profit: 1.30020

Reason for Take Profit:

100% Fibonacci projection

Stop Loss: 1.31781

Reason for Stop Loss:

38.2% Fibonacci retracement

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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