#GBPUSD approaching pivot, potential for a reversal!
Description
Price is approaching pivot level of 1.39397 where we have 78.6% Fibonacci extension level & horizontal swing high resistance lining up. A reversal from this level might see price take support at 1.38336, which is in line with 50.0% Fibonacci retracement level & horizontal pullback support. Finally, price is unlikely to surpass our strong resistance at 1.40015, which coincides with 127.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.39397
Why we like it:
78.6% Fibonacci extension level & horizontal swing high resistance
1st Support:
1.38336
50.0% Fibonacci retracement level & horizontal pullback support
1st Resistance:
1.40015
127.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 1.39397 where we have 78.6% Fibonacci extension level & horizontal swing high resistance lining up. A reversal from this level might see price take support at 1.38336, which is in line with 50.0% Fibonacci retracement level & horizontal pullback support. Finally, price is unlikely to surpass our strong resistance at 1.40015, which coincides with 127.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.39397
Why we like it:
78.6% Fibonacci extension level & horizontal swing high resistance
1st Support:
1.38336
50.0% Fibonacci retracement level & horizontal pullback support
1st Resistance:
1.40015
127.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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