#GBPUSD, H4 is testing our Pivot point, potential for a drop.
Description:
Price is testing our Pivot point at 1.38207, in line with 78.6% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 1.36851, in line with 127% fibonacci retracement, 200% fibonacci extension and horizontal swing low support. Note that price is under the Ichimoku cloud and MACD is under the 0-line, in line with our bearish analysis.
Pivot: 1.38207
Why we like it:
78.6% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap
1st Support: 1.36851
Why we like it:
127% fibonacci retracement, 200% fibonacci extension and horizontal swing low support
1st Resistance: 1.38982
Why we like it:
78.6% fibonacci retracement and horizontal graphical overlap
Trading FX & CFDs carries high risk.
Price is testing our Pivot point at 1.38207, in line with 78.6% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 1.36851, in line with 127% fibonacci retracement, 200% fibonacci extension and horizontal swing low support. Note that price is under the Ichimoku cloud and MACD is under the 0-line, in line with our bearish analysis.
Pivot: 1.38207
Why we like it:
78.6% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap
1st Support: 1.36851
Why we like it:
127% fibonacci retracement, 200% fibonacci extension and horizontal swing low support
1st Resistance: 1.38982
Why we like it:
78.6% fibonacci retracement and horizontal graphical overlap
Trading FX & CFDs carries high risk.
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