GBPUSD has reversed from our Pivot point, potential for a drop
Description:
Price has reversed from our Pivot point at 1.35363, in line with 61.8% Fibonacci retracement, 78.6%, 78.6% Fibonacci extension and horizontal graphical area. Where we could potentially see a drop towards our 1st support level at 1.34601. It is worth noting that price is trending under the moving average and Ichimoku cloud resistance, in line with our bearish view.
Pivot: 1.35363
Why we like it:
61.8% Fibonacci retracement, 78.6%, 78.6% Fibonacci extension and horizontal graphical area
1st Support: 1.34601
Why we like it:
-61.8% Fibonacci retracement, 127% Fibonacci extension and horizontal swing lowl support area.
1st Resistance: 1.35988
Why we like it:
38.2%, 78.6% Fibonacci retracement and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point at 1.35363, in line with 61.8% Fibonacci retracement, 78.6%, 78.6% Fibonacci extension and horizontal graphical area. Where we could potentially see a drop towards our 1st support level at 1.34601. It is worth noting that price is trending under the moving average and Ichimoku cloud resistance, in line with our bearish view.
Pivot: 1.35363
Why we like it:
61.8% Fibonacci retracement, 78.6%, 78.6% Fibonacci extension and horizontal graphical area
1st Support: 1.34601
Why we like it:
-61.8% Fibonacci retracement, 127% Fibonacci extension and horizontal swing lowl support area.
1st Resistance: 1.35988
Why we like it:
38.2%, 78.6% Fibonacci retracement and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
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