#GBPUSD is consolidating at pivot, potential for drop
Price is consolidating around pivot level at 1.37725 which is in line with 61.8% Fibonacci retracement level , 78.6% Fibonacci extension and descending trendline resistance. Price may potentially drop to support at 1.36945 which is in-line with 50% Fibonacci retracement and 61.8% Fibonacci extension level. Stochastic is also indicating negative divergence for possible drop.
Alternatively, price may swing towards resistance at 1.38190 which is in line with 78.6% Fibonacci retracement and 100% Fibonacci extension level.
Pivot:
1.37725
Why we like it:
61.8% Fibonacci retracement level , 78.6% Fibonacci extension and descending trendline resistance
1st Support:
1.36945
50% Fibonacci retracement , 78.6% Fibonacci extension level and Stochastic negative divergence
1st Resistance:
1.38190
78.6% Fibonacci retracement and 100% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may swing towards resistance at 1.38190 which is in line with 78.6% Fibonacci retracement and 100% Fibonacci extension level.
Pivot:
1.37725
Why we like it:
61.8% Fibonacci retracement level , 78.6% Fibonacci extension and descending trendline resistance
1st Support:
1.36945
50% Fibonacci retracement , 78.6% Fibonacci extension level and Stochastic negative divergence
1st Resistance:
1.38190
78.6% Fibonacci retracement and 100% Fibonacci extension level
Trading FX & CFDs carries high risk.
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