#GBPUSD approaching pivot, potential for a rise!
Price has broken above our pivot level at 1.35079 which is in line with 78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance . We could potentially see a further rise from here towards 1.36048, which coincides with 50.0% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance. Finally, we can expect price to take support at 1.34162, which coincides with 61.8% Fibonacci extension level & horizontal swing low support . This is further supported by how price is likely to bounce off the RSI support level .
Pivot:
1.35079
Why we like it:
78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance
1st Support:
1.34162
Why we like it:
61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.36048
Why we like it:
50.0% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1.35079
Why we like it:
78.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap resistance
1st Support:
1.34162
Why we like it:
61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.36048
Why we like it:
50.0% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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