#GBPUSD, H4 reversing from our Pivot point, potential for a drop
Description
Price is reacting below our pivot level at 1.38005 which is in line with 38.2% Fibonacci retracement level horizontal overlap resistance. Price can potentially take support at 1.36295, which is in line with 161.8% Fibonacci retracement level, 100% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.3902, which coincides with 61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is holding below the EMA
Pivot:
1.38005
Why we like it:
38.2% Fibonacci retracement level horizontal overlap resistance
1st Support:
1.36295
161.8% Fibonacci retracement level, 100% Fibonacci extension level
1st Resistance:
1.39020
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.38005 which is in line with 38.2% Fibonacci retracement level horizontal overlap resistance. Price can potentially take support at 1.36295, which is in line with 161.8% Fibonacci retracement level, 100% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.3902, which coincides with 61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is holding below the EMA
Pivot:
1.38005
Why we like it:
38.2% Fibonacci retracement level horizontal overlap resistance
1st Support:
1.36295
161.8% Fibonacci retracement level, 100% Fibonacci extension level
1st Resistance:
1.39020
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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