GBPUSD, H4 reversed from our Pivot point, potential for a drop
Description:
Price has reversed from our Pivot point at 1.35877, in line with 61.8% Fibonacci retracement, 61.8% Fibonacci extension, descending trendline resistance and horizontal graphical area. Where we could potentially see a drop towards our 1st support level at 1.35135. It is worth noting that price is trending under the descending trendline, in line with our bearish view.
Pivot: 1.35877
Why we like it:
61.8% Fibonacci retracement, 61.8% Fibonacci extension, descending trendline resistance and horizontal graphical area
1st Support: 1.35135
Why we like it:
-27% Fibonacci retracement, 100% Fibonacci extension and horizontal graphical support area.
1st Resistance: 1.36454
Why we like it:
61.8%, 78.6% Fibonacci retracement and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point at 1.35877, in line with 61.8% Fibonacci retracement, 61.8% Fibonacci extension, descending trendline resistance and horizontal graphical area. Where we could potentially see a drop towards our 1st support level at 1.35135. It is worth noting that price is trending under the descending trendline, in line with our bearish view.
Pivot: 1.35877
Why we like it:
61.8% Fibonacci retracement, 61.8% Fibonacci extension, descending trendline resistance and horizontal graphical area
1st Support: 1.35135
Why we like it:
-27% Fibonacci retracement, 100% Fibonacci extension and horizontal graphical support area.
1st Resistance: 1.36454
Why we like it:
61.8%, 78.6% Fibonacci retracement and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
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