#GBPUSD approaching pivot, potential for a rise!
Price has broken above our pivot level at 1.3298 which is in line with 61.8% Fibonacci extension level, 61.8% Fibonacci retracement level . We could potentially see a further rise from here towards 1.34129, which coincides with 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance. Finally, we can expect price to take support at 1.31684, which coincides with 38.2% Fibonacci retracement level & horizontal overlap resistance . This is further supported by how price is likely to reverse off the RSI resistance level.
Pivot:
1.32980
Why we like it:
61.8% Fibonacci extension level, 61.8% Fibonacci retracement level
1st Support:
1.31684
Why we like it:
38.2% Fibonacci retracement level & horizontal overlap resistance
1st Resistance:
1.34129
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
1.32980
Why we like it:
61.8% Fibonacci extension level, 61.8% Fibonacci retracement level
1st Support:
1.31684
Why we like it:
38.2% Fibonacci retracement level & horizontal overlap resistance
1st Resistance:
1.34129
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
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