GBPUSD, H4 reversed from our Pivot point, potential for a short
Description:
Price has reversed from our Pivot point at 1.39181, in line with 61.8% fibonacci retracement, 100% fibonacci extension, descending trendline and horizontal graphical resistance. Where we could potentially see a further drop from our pivot towards our 1st support level at 1.38231, in line with 61.8% fibonacci extension and horizontal swing low.
Pivot: 1.39181
Why we like it:
61.8% fibonacci retracement, 100% fibonacci extension, descending trendline and horizontal graphical resistance
1st Support: 1.38231
Why we like it:
61.8% fibonacci extension and horizontal swing low
1st Resistance: 1.39567
Why we like it:
88% fibonacci retracement, 127% fibonacci extension and horizontal swing high.
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point at 1.39181, in line with 61.8% fibonacci retracement, 100% fibonacci extension, descending trendline and horizontal graphical resistance. Where we could potentially see a further drop from our pivot towards our 1st support level at 1.38231, in line with 61.8% fibonacci extension and horizontal swing low.
Pivot: 1.39181
Why we like it:
61.8% fibonacci retracement, 100% fibonacci extension, descending trendline and horizontal graphical resistance
1st Support: 1.38231
Why we like it:
61.8% fibonacci extension and horizontal swing low
1st Resistance: 1.39567
Why we like it:
88% fibonacci retracement, 127% fibonacci extension and horizontal swing high.
Trading FX & CFDs carries high risk.
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