#GBPUSD, H4 is reversing from Pivot, potential for a drop
Description:
Price is reversing from our Pivot point at 1.41884, in line with 61.8% fibonacci retracement, 61.8%, 161.8% fibonacci extension and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 1.40827, in line with 100% fibonacci extension and horizontal swing low support. Note that stochastics is showing bearish momentum where price has previously reversed off the 82% level in line with our bearish analysis.
Pivot: 1.41884
Why we like it:
61.8% fibonacci retracement, 61.8%, 161.8% fibonacci extension and horizontal graphical overlap
1st Support: 1.40827
Why we like it:
100% fibonacci extension and horizontal swing low support.
1st Resistance: 1.42392
Why we like it:
100% fibonacci extension and horizontal swing high resistance
Trading FX & CFDs carries high risk
Price is reversing from our Pivot point at 1.41884, in line with 61.8% fibonacci retracement, 61.8%, 161.8% fibonacci extension and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 1.40827, in line with 100% fibonacci extension and horizontal swing low support. Note that stochastics is showing bearish momentum where price has previously reversed off the 82% level in line with our bearish analysis.
Pivot: 1.41884
Why we like it:
61.8% fibonacci retracement, 61.8%, 161.8% fibonacci extension and horizontal graphical overlap
1st Support: 1.40827
Why we like it:
100% fibonacci extension and horizontal swing low support.
1st Resistance: 1.42392
Why we like it:
100% fibonacci extension and horizontal swing high resistance
Trading FX & CFDs carries high risk
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