GBPUSD, H4 testing our Pivot point, potential for rise.
Description:
Price has bounced from our Pivot point at 1.37552, in line with 100%, 127% Fibonacci extension and horizontal graphical area. Where we could potentially see a rise from our pivot towards our 1st resistance level at 1.38060. It is worth noting that price is trending above the Ichimoku cloud, and MACD line is above the 0-line, in line with our bullish view.
Pivot: 1.37552
Why we like it:
100% Fibonacci extension, 127% Fibonacci extension and horizontal graphical area
1st Support: 1.36990
Why we like it:
23.6% Fibonacci retracement, 88% fibonacci extension and horizontal graphical area.
1st Resistance: 1.38060
Why we like it:
161.8% Fibonacci retracement and 161.8% Fibonacci extension
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