#GBPUSD approaching pivot, potential for a reversal!
Price is approaching pivot level of 1.38174 where we have 127.2% Fibonacci retracement level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 1.37207, which is in line with 23.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 1.38901, which coincides with -27.2% Fibonacci retracement levelhorizontal swing high resistance & 100% Fibonacci extension level . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.38174
Why we like it:
127.2% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.37207
Why we like it:
23.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.38901
Why we like it:
-27.2% Fibonacci retracement level horizontal swing high resistance & 100% Fibonacci extension level
Trading FX & CFDs carries high risk.
Pivot:
1.38174
Why we like it:
127.2% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.37207
Why we like it:
23.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.38901
Why we like it:
-27.2% Fibonacci retracement level horizontal swing high resistance & 100% Fibonacci extension level
Trading FX & CFDs carries high risk.
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