#GBPUSD approaching pivot, potential for a bounce!
Price is approaching pivot level of 1.35054, which is in line with 100% Fibonacci extension level, 23.6% Fibonacci retracement level & horizontal overlap resistance. A reversal from this level may see price take resistance at price 1.35782. This level coincides with 38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance. Finally, we can expect price to take support at 1.34255 & horizontal swing low support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1.35054
Why we like it:
100% Fibonacci extension level, 23.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.34255
Why we like it:
& horizontal swing low support
1st Resistance:
1.35782
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
1.35054
Why we like it:
100% Fibonacci extension level, 23.6% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.34255
Why we like it:
& horizontal swing low support
1st Resistance:
1.35782
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
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