GBPUSD, H4 testing our Pivot point, potential for drop.
Description:
Price has reversed our Pivot point at 1.39304, in line with 76.4%, 61.8% Fibonacci retracement and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 1.38178. It is worth noting that price is trending under the moving average, in line with our bearish view.
Pivot: 1.39304
Why we like it:
76.4%, 61.8% Fibonacci retracement and horizontal graphical overlap
1st Support: 1.38178
Why we like it:
-27%, 161.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal swing low.
1st Resistance: 1.40002
Why we like it:
61.8%, 88%, 38.2% Fibonacci retracement and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
Price has reversed our Pivot point at 1.39304, in line with 76.4%, 61.8% Fibonacci retracement and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 1.38178. It is worth noting that price is trending under the moving average, in line with our bearish view.
Pivot: 1.39304
Why we like it:
76.4%, 61.8% Fibonacci retracement and horizontal graphical overlap
1st Support: 1.38178
Why we like it:
-27%, 161.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal swing low.
1st Resistance: 1.40002
Why we like it:
61.8%, 88%, 38.2% Fibonacci retracement and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
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