#GBPUSD approaching pivot, potential for further downside
Price is approaching pivot level at 1.37015 which is in line with 23.6% Fibonacci retracement level , 61.8% Fibonacci extension and horizontal overlap resistance. Price may potentially drop to support at 1.36017 which is in-line with 100% Fibonacci retracement, 78.6% Fibonacci extension level and horizontal overlap support. MACD is also indicating bearish momentum for further downside.
Alternatively, price may swing towards resistance at 1.37730 which is in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension level.
Pivot:
1.37015
Why we like it:
23.6% Fibonacci retracement level, 61.8% Fibonacci extension and horizontal overlap resistance
1st Support:
1.36017
100% Fibonacci retracement, 78.6% Fibonacci extension level and horizontal overlap support
1st Resistance:
1.37730
61.8% Fibonacci retracement and 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may swing towards resistance at 1.37730 which is in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension level.
Pivot:
1.37015
Why we like it:
23.6% Fibonacci retracement level, 61.8% Fibonacci extension and horizontal overlap resistance
1st Support:
1.36017
100% Fibonacci retracement, 78.6% Fibonacci extension level and horizontal overlap support
1st Resistance:
1.37730
61.8% Fibonacci retracement and 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.