GBPUSD, H4 has broken our Pivot point, potential for drop.
Description:
Price is approaching our Pivot point at 1.37157, in line with 78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 1.35916, in line with 78.6% and 161.8% fibonacci retracement, 61.8%, 100% fibonacci extension and horizontal swing low support. Note that price is trending under the Ichimoku cloud, in line with our bearish view.
Pivot: 1.37157
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 1.35916
Why we like it:
161.8% fibonacci retracement, 61.8%, 100% fibonacci extension and horizontal swing low support
1st Resistance: 1.37951
Why we like it:
50% fibonacci retracement, 61.8% fibonacci extension and ichimoku cloud resistance
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1.37157, in line with 78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 1.35916, in line with 78.6% and 161.8% fibonacci retracement, 61.8%, 100% fibonacci extension and horizontal swing low support. Note that price is trending under the Ichimoku cloud, in line with our bearish view.
Pivot: 1.37157
Why we like it:
78.6% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 1.35916
Why we like it:
161.8% fibonacci retracement, 61.8%, 100% fibonacci extension and horizontal swing low support
1st Resistance: 1.37951
Why we like it:
50% fibonacci retracement, 61.8% fibonacci extension and ichimoku cloud resistance
Trading FX & CFDs carries high risk.
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