GBPUSD, H4 is testing our Pivot, potential for bearish breakout
Description:
Price is currently testing our Pivot point at 1.38798, in line with 78.6% Fibonacci retracement, 50% fibonacci extension, and horizontal graphical overlap. Where we could potentially see a bearish breakout from our pivot towards our 1st support level at 1.37199, in line with -27%, 78.6% fibonacci retracement, 127%, 161.8% fibonacci extension and graphical swing low support. Note that price is also attempting to break out of the Ichimoku cloud, in line with our bearish analysis.
Pivot: 1.38798
Why we like it:
78.6% Fibonacci retracement, 50% fibonacci extension, and horizontal graphical overlap
1st Support: 1.37199
Why we like it:
-27%, 78.6% fibonacci retracement, 127%, 161.8% fibonacci extension and graphical swing low support
1st Resistance: 1.39854
Why we like it:
88.6% Fibonacci retracement, 78.6% fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price is currently testing our Pivot point at 1.38798, in line with 78.6% Fibonacci retracement, 50% fibonacci extension, and horizontal graphical overlap. Where we could potentially see a bearish breakout from our pivot towards our 1st support level at 1.37199, in line with -27%, 78.6% fibonacci retracement, 127%, 161.8% fibonacci extension and graphical swing low support. Note that price is also attempting to break out of the Ichimoku cloud, in line with our bearish analysis.
Pivot: 1.38798
Why we like it:
78.6% Fibonacci retracement, 50% fibonacci extension, and horizontal graphical overlap
1st Support: 1.37199
Why we like it:
-27%, 78.6% fibonacci retracement, 127%, 161.8% fibonacci extension and graphical swing low support
1st Resistance: 1.39854
Why we like it:
88.6% Fibonacci retracement, 78.6% fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
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