#GBPUSD approaching pivot, potentail for a reversal!
Price is approaching pivot level of 1.37398 where we have 100% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal swing high resistance lining up. A reversal from this level might see price take support at 1.35779, which is in line with 50.0% Fibonacci retracement levelhorizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 1.38421, which coincides with 61.8% Fibonacci retracement level horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.37398
Why we like it:
100% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal swing high resistance
1st Support:
1.35779
Why we like it:
50.0% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.38421
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
1.37398
Why we like it:
100% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal swing high resistance
1st Support:
1.35779
Why we like it:
50.0% Fibonacci retracement levelhorizontal overlap support
1st Resistance:
1.38421
Why we like it:
61.8% Fibonacci retracement levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
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