#GBPUSD approaching pivot, potential for a drop!
Price has broken above our pivot level at 1.34177 which is in line with 61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support . We could potentially see a further rise from here towards 1.35101, which coincides with 61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance. Finally, we can expect price to take support at 1.33532, which coincides with 61.8% Fibonacci extension level & horizontal swing low support . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.34177
Why we like it:
61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support
1st Support:
1.33532
Why we like it:
61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.35101
Why we like it:
61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1.34177
Why we like it:
61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support
1st Support:
1.33532
Why we like it:
61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.35101
Why we like it:
61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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