GBPUSD, H4 reversed from our Pivot point, potential for drop.
Description:
Price has reversed from our Pivot point at 1.40098, in line with 50% Fibonacci retracement, 100% fibonacci extension, and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 1.38275, in line with 61.8%, 78.6% fibonacci retracement, 78.6% fibonacci extension and graphical swing low support. Note that Stochastics is showing bearish pressure where price has previously reversed from the 95% level.
Pivot: 1.40098
Why we like it:
50% Fibonacci retracement, 100% fibonacci extension, and horizontal graphical overlap
1st Support: 1.38275
Why we like it:
61.8%, 78.6% fibonacci retracement, 78.6% fibonacci extension and graphical swing low support
1st Resistance: 1.41458
Why we like it:
-61.8%, 78.6% Fibonacci retracement, 200% fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point at 1.40098, in line with 50% Fibonacci retracement, 100% fibonacci extension, and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 1.38275, in line with 61.8%, 78.6% fibonacci retracement, 78.6% fibonacci extension and graphical swing low support. Note that Stochastics is showing bearish pressure where price has previously reversed from the 95% level.
Pivot: 1.40098
Why we like it:
50% Fibonacci retracement, 100% fibonacci extension, and horizontal graphical overlap
1st Support: 1.38275
Why we like it:
61.8%, 78.6% fibonacci retracement, 78.6% fibonacci extension and graphical swing low support
1st Resistance: 1.41458
Why we like it:
-61.8%, 78.6% Fibonacci retracement, 200% fibonacci extension and 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.