GBPUSD is facing bearish pressure from pivot, potential reversal
Description:
Price is reversing from our Pivot point at 1.38759, which is in line with 38.2% Fibonacci retracement and graphical overlap resistance area. We could potentially see a further drop to our first support area at 1.37421. Stochastic is showing signs of bearish pressure as well, in line with our bearish bias.
Pivot: 1.38759
Why we like it:
38.2% Fibonacci retracement and graphical overlap resistance area
1st Support: 1.37421
Why we like it:
61.8% Fibonacci retracement,127.2% fibonacci extension and horizontal pullback support.
1st Resistance: 1.39489
Why we like it:
horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price is reversing from our Pivot point at 1.38759, which is in line with 38.2% Fibonacci retracement and graphical overlap resistance area. We could potentially see a further drop to our first support area at 1.37421. Stochastic is showing signs of bearish pressure as well, in line with our bearish bias.
Pivot: 1.38759
Why we like it:
38.2% Fibonacci retracement and graphical overlap resistance area
1st Support: 1.37421
Why we like it:
61.8% Fibonacci retracement,127.2% fibonacci extension and horizontal pullback support.
1st Resistance: 1.39489
Why we like it:
horizontal swing high resistance.
Trading FX & CFDs carries high risk.
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