GBPUSD, H4 is testing our Pivot point, potential for a rise
Description:
Price is testing our Pivot point at 1.34229, which is in line with our 50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap. We could potentially see price bounce above this level, where it could further rise towards our 1st resistance level at 1.35671. It is worth noting that price is currently trending above the Ichimoku cloud and MACD is above the 0 line, which is showing bullish pressure in line with our analysis.
Pivot: 1.34229
Why we like it:
50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap
1st Support: 1.33425
Why we like it:
78.6% Fibonacci retracement and 127% Fibonacci extension
1st Resistance: 1.35671
Why we like it:
61.8% Fibonacci extension, -27% Fibonacci retracement and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is testing our Pivot point at 1.34229, which is in line with our 50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap. We could potentially see price bounce above this level, where it could further rise towards our 1st resistance level at 1.35671. It is worth noting that price is currently trending above the Ichimoku cloud and MACD is above the 0 line, which is showing bullish pressure in line with our analysis.
Pivot: 1.34229
Why we like it:
50% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical overlap
1st Support: 1.33425
Why we like it:
78.6% Fibonacci retracement and 127% Fibonacci extension
1st Resistance: 1.35671
Why we like it:
61.8% Fibonacci extension, -27% Fibonacci retracement and horizontal swing high resistance
Trading FX & CFDs carries high risk.
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