#GBPUSD approaching pivot, potential for a bounce!
Price is approaching pivot level of 1.36051, which is in line with 50.0% Fibonacci retracement levell & horizontal pullback support. A reversal from this level may see price take resistance at price 1.35702. This level coincides with 78.6% Fibonacci extension levelhorizontal overlap support. Finally, we can expect price to take support at 1.3720350.0% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1.36051
Why we like it:
50.0% Fibonacci retracement level & horizontal pullback support
1st Support:
1.37203
Why we like it:
50.0% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.35702
Why we like it:
78.6% Fibonacci extension level horizontal overlap support
Trading FX & CFDs carries high risk.
Pivot:
1.36051
Why we like it:
50.0% Fibonacci retracement level & horizontal pullback support
1st Support:
1.37203
Why we like it:
50.0% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.35702
Why we like it:
78.6% Fibonacci extension level horizontal overlap support
Trading FX & CFDs carries high risk.
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