#GBPUSD, H4 has reversed from Pivot, potential for drop
Price is reacting below our pivot level at 1.38961 which is in line with 61.8% Fibonacci retracement level. Price can potentially take support at 1.37552, which is in line with 127.2% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 1.39442, which coincides with 78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance . This is further supported by
Pivot:
1.38961
Why we like it:
61.8% Fibonacci retracement level
1st Support:
1.37552
127.2% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.39442
78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1.38961
Why we like it:
61.8% Fibonacci retracement level
1st Support:
1.37552
127.2% Fibonacci retracement level, 100% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.39442
78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.