#GBPUSD consolidating sideways, potential for bounce to pivot!
Price is consolidating sideways and if it approach the pivot level at 1.37050, in-line with 23.6% Fibonacci retracement level, 61.8% Fibonacci extension and 20EMA. Price could potentially face bearish pressure and drop to support at 1.36020 which is in-line with 100% Fibonacci retracement , 100% Fibonacci extension and swing low support. Stochastic is also approaching horizontal support where previous bounces occurred.
Alternatively, price may swing towards resistance at 1.37560, in-line with 38.2% Fibonacci retracement and 100% Fibonacci extension and trendline resistance.
Pivot:
1.37050
Why we like it:
23.6% Fibonacci retracement level, 61.8% Fibonacci extension and 20EMA
1st Support:
1.36020
100% Fibonacci retracement , 100% Fibonacci extension and swing low support
1st Resistance:
1.37560
38.2% Fibonacci retracement and 100% Fibonacci extension and trendline resistancez
Trading FX & CFDs carries high risk.
Alternatively, price may swing towards resistance at 1.37560, in-line with 38.2% Fibonacci retracement and 100% Fibonacci extension and trendline resistance.
Pivot:
1.37050
Why we like it:
23.6% Fibonacci retracement level, 61.8% Fibonacci extension and 20EMA
1st Support:
1.36020
100% Fibonacci retracement , 100% Fibonacci extension and swing low support
1st Resistance:
1.37560
38.2% Fibonacci retracement and 100% Fibonacci extension and trendline resistancez
Trading FX & CFDs carries high risk.
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