GBPAUD approaching pivot, potential for bounce | 20th Oct
Price is trading in a descending channel and is heading to our buy entry price of 1.83588 which is also -27.2% Fibonacci retracement. Price can then do a short term bounce from this level and reach the take profit level of 1.85105 which is 38.2% Fibonacci retracement level and 61.8% projection level. Our bullish bias is supported by stochastic which shows that it is on support level.
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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.