#GBPUSD approaching pivot, potentail for a reversal!
Price is approaching pivot level of 1.36727 where we have 50.0% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support lining up. A reversal from this level might see price take support at 1.34217, which is in line with 161.8% Fibonacci retracement levelhorizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.37346, which coincides with 61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.36727
Why we like it:
50.0% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Support:
1.34217
Why we like it:
161.8% Fibonacci retracement levelhorizontal swing low support
1st Resistance:
1.37346
Why we like it:
61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support
Trading FX & CFDs carries high risk.
Pivot:
1.36727
Why we like it:
50.0% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Support:
1.34217
Why we like it:
161.8% Fibonacci retracement levelhorizontal swing low support
1st Resistance:
1.37346
Why we like it:
61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support
Trading FX & CFDs carries high risk.
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