#GBPUSD approaching pivot, potential for a bounce!
Price is approaching pivot level of 1.3667, which is in line with 38.2% Fibonacci retracement level & horizontal pullback support. A reversal from this level may see price take resistance at price 1.38119. This level coincides with 127.2% Fibonacci extension level horizontal swing high resistance. Finally, we can expect price to take support at 1.3609950.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal pullback support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1.36670
Why we like it:
38.2% Fibonacci retracement level & horizontal pullback support
1st Support:
1.36099
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal pullback support
1st Resistance:
1.38119
127.2% Fibonacci extension level horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1.36670
Why we like it:
38.2% Fibonacci retracement level & horizontal pullback support
1st Support:
1.36099
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal pullback support
1st Resistance:
1.38119
127.2% Fibonacci extension level horizontal swing high resistance
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.