Short

#GBPUSD approaching pivot, potential for a drop!

Price is reacting below our pivot level at 1.34272 which is in line with 23.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support. Price can potentially take support at 1.31672, which is in line with 38.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support. Alternatively, price may rise up to our resistance at 1.35103, which coincides with 38.2% Fibonacci retracement level & horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.

Pivot:
1.34272
23.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support

1st Support:
1.31672
38.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support

1st Resistance:
1.35103
38.2% Fibonacci retracement level & horizontal overlap resistance

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