#GBPUSD approaching pivot, potential for a rise!
Price has broken above our pivot level at 1.37475 which is in line with 23.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support . We could potentially see a further rise from here towards 1.39063, which coincides with 161.8% Fibonacci extension level horizontal swing high resistance & 161.8% Fibonacci extension level. Finally, we can expect price to take support at 1.37207, which coincides with 38.2% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal overlap support . This is further supported by ichimoku cloud indicator as price is trading above it.
1.37475
Why we like it:
23.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support
1st Support:
1.37207
Why we like it:
38.2% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.39063
Why we like it:
161.8% Fibonacci extension level horizontal swing high resistance & -61.8% retracement level
Trading FX & CFDs carries high risk.
1.37475
Why we like it:
23.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support
1st Support:
1.37207
Why we like it:
38.2% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.39063
Why we like it:
161.8% Fibonacci extension level horizontal swing high resistance & -61.8% retracement level
Trading FX & CFDs carries high risk.
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