GBPUSD, H4 reversed from our Pivot point, potential for drop.
Description:
Price has reversed from our Pivot point at 1.36934, in line with 100% Fibonacci extension, ascending trendline resistance and horizontal graphical area. Where we could potentially see a drop from our pivot towards our 1st support level at 1.36379. It is worth noting that price is trending under the ascending trendline resistance, and MACD line is under the 0-line, in line with our bearish view.
Pivot: 1.36464
Why we like it:
100% Fibonacci extension, ascending trendline resistance and horizontal graphical area
1st Support: 1.35842
Why we like it:
50%, 61.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical area.
1st Resistance: 1.37558
Why we like it:
161.8% Fibonacci retracement, 127% Fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point at 1.36934, in line with 100% Fibonacci extension, ascending trendline resistance and horizontal graphical area. Where we could potentially see a drop from our pivot towards our 1st support level at 1.36379. It is worth noting that price is trending under the ascending trendline resistance, and MACD line is under the 0-line, in line with our bearish view.
Pivot: 1.36464
Why we like it:
100% Fibonacci extension, ascending trendline resistance and horizontal graphical area
1st Support: 1.35842
Why we like it:
50%, 61.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical area.
1st Resistance: 1.37558
Why we like it:
161.8% Fibonacci retracement, 127% Fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
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