#GBPUSD, H4 is approaching our Pivot point, potential for a long
Price is approaching pivot level of 1.38541, which is in line with 23.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support. A reversal from this level may see price take resistance at price 1.40014. This level coincides with 127.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance. Finally, we can expect price to take support at 1.3768438.2% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal swing low support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.38541
Why we like it:
23.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support
1st Support:
1.37684
38.2% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
1.40014
127.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1.38541
Why we like it:
23.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support
1st Support:
1.37684
38.2% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
1.40014
127.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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