#GBPUSD is approaching pivot, potential for drop
Price is approaching pivot level at 1.38775 which is in line with 78.6% Fibonacci retracement level , 127.2% Fibonacci extension and ascending trendline support-turned-resistance. Price may potentially drop to support at 1.37260, in-line with 100% Fibonacci retracement and 78.6% Fibonacci extension level.
Alternatively, price may swing towards resistance at 1.39835 which is in line with 100% Fibonacci retracement and 161.8% Fibonacci extension level.
Pivot:
1.38775
Why we like it:
78.6% Fibonacci retracement level , 127.2% Fibonacci extension and ascending trendline support-turned-resistance
1st Support:
1.37260
100% Fibonacci retracement and 78.6% Fibonacci extension level
1st Resistance:
1.39835
100% Fibonacci retracement and 161.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may swing towards resistance at 1.39835 which is in line with 100% Fibonacci retracement and 161.8% Fibonacci extension level.
Pivot:
1.38775
Why we like it:
78.6% Fibonacci retracement level , 127.2% Fibonacci extension and ascending trendline support-turned-resistance
1st Support:
1.37260
100% Fibonacci retracement and 78.6% Fibonacci extension level
1st Resistance:
1.39835
100% Fibonacci retracement and 161.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
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