#GBPUSD approaching a pivot, potential for a bearish breakout!
Price is approaching pivot point at 1.3797 which is in line with 100% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal pullback support. A break and close below this level could see a price swing towards 1st support at 1.37188.This level is in line with 23.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 1.38309, which coincides with horizontal swing high resistance . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.37970
Why we like it:
100% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal pullback support
1st Support:
1.37188
Why we like it:
23.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.38309
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1.37970
Why we like it:
100% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal pullback support
1st Support:
1.37188
Why we like it:
23.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.38309
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
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