#GBPUSD approaching pivot, potentail for a reversal!
Price is approaching pivot level of 1.3458 where we have 127.2% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal swing high resistance lining up. A reversal from this level might see price take support at 1.32725, which is in line with 61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 1.35091, which coincides with 50.0% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.34580
Why we like it:
127.2% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal swing high resistance
1st Support:
1.32725
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.35091
Why we like it:
50.0% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1.34580
Why we like it:
127.2% Fibonacci extension level, 78.6% Fibonacci retracement level & horizontal swing high resistance
1st Support:
1.32725
Why we like it:
61.8% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.35091
Why we like it:
50.0% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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