#GBPUSD approaching pivot, potential for a drop!
Price is reacting below our pivot level at 1.32852 which is in line with 61.8% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 1.28187, which is in line with , 50.0% Fibonacci retracement level & horizontal overlap support. Alternatively, price may rise up to our resistance at 1.34129, which coincides with 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal pullback resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.32852
Why we like it:
61.8% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.28187
Why we like it:
, 50.0% Fibonacci retracement level & horizontal overlap support
1st Resistance:
1.34129
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal pullback resistance
Trading FX & CFDs carries high risk.
Pivot:
1.32852
Why we like it:
61.8% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.28187
Why we like it:
, 50.0% Fibonacci retracement level & horizontal overlap support
1st Resistance:
1.34129
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal pullback resistance
Trading FX & CFDs carries high risk.
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