#GBPUSD approaching pivot, potential for a reversal!
Price is approaching pivot level of 1.37613 where we have 127.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance lining up. A reversal from this level might see price take support at 1.36615, which is in line with 38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 1.38026, which coincides with 78.6% Fibonacci extension levelhorizontal overlap resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.37613
Why we like it:
127.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
1st Support:
1.36615
Why we like it:
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.38026
Why we like it:
78.6% Fibonacci extension levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
Pivot:
1.37613
Why we like it:
127.2% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance
1st Support:
1.36615
Why we like it:
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.38026
Why we like it:
78.6% Fibonacci extension levelhorizontal overlap resistance
Trading FX & CFDs carries high risk.
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