GBPUSD testing our Pivot point, potential for bearish breakout
Description:
Price has reached our Pivot point at 1.36464, in line with 23.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical area. Where we could potentially see a drop from our pivot towards our 1st support level at 1.35842. It is worth noting that price is trending above the ascending trendline support turned resistance, and MACD line is under the 0-line, in line with our bullish view.
Pivot: 1.36464
Why we like it:
23.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical area
1st Support: 1.35842
Why we like it:
-27% Fibonacci retracement, 100% fibonacci extension and horizontal graphical area.
1st Resistance: 1.37023
Why we like it:
61.8%, 88% Fibonacci retracement, 161.8% Fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price has reached our Pivot point at 1.36464, in line with 23.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical area. Where we could potentially see a drop from our pivot towards our 1st support level at 1.35842. It is worth noting that price is trending above the ascending trendline support turned resistance, and MACD line is under the 0-line, in line with our bullish view.
Pivot: 1.36464
Why we like it:
23.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical area
1st Support: 1.35842
Why we like it:
-27% Fibonacci retracement, 100% fibonacci extension and horizontal graphical area.
1st Resistance: 1.37023
Why we like it:
61.8%, 88% Fibonacci retracement, 161.8% Fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
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