#GBPUSD approaching pivot, potential for a rise!
Price has broken above our pivot level at 1.37808 which is in line with 61.8% Fibonacci extension level . We could potentially see a further rise from here towards 1.38947, which coincides with 161.8% Fibonacci extension level horizontal swing high resistance. Finally, we can expect price to take support at 1.3748, which coincides with 23.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.37808
Why we like it:
61.8% Fibonacci extension level
1st Support:
1.37480
Why we like it:
23.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.38947
Why we like it:
161.8% Fibonacci extension level horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1.37808
Why we like it:
61.8% Fibonacci extension level
1st Support:
1.37480
Why we like it:
23.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.38947
Why we like it:
161.8% 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.