GBPUSD, H4 reversed from our Pivot point, potential for drop.
Description:
Price has reversed from our Pivot point at 1.38233, in line with 78.6% fibonacci retracement, 61.8%, 78.6% fibonacci extension, descending trendline and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 1.37075, in line with 78.6% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low. Note that Stochastics is showing bearish pressure as price has previously reacted off the 83% level.
Pivot: 1.38233
Why we like it:
78.6% fibonacci retracement, 61.8%, 78.6% fibonacci extension, descending trendline and horizontal graphical overlap
1st Support: 1.37075
Why we like it:
78.6% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low
1st Resistance: 1.39161
Why we like it:
127% fibonacci extension and descending trendline resistance.
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point at 1.38233, in line with 78.6% fibonacci retracement, 61.8%, 78.6% fibonacci extension, descending trendline and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 1.37075, in line with 78.6% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low. Note that Stochastics is showing bearish pressure as price has previously reacted off the 83% level.
Pivot: 1.38233
Why we like it:
78.6% fibonacci retracement, 61.8%, 78.6% fibonacci extension, descending trendline and horizontal graphical overlap
1st Support: 1.37075
Why we like it:
78.6% fibonacci retracement, 78.6% fibonacci extension and horizontal swing low
1st Resistance: 1.39161
Why we like it:
127% fibonacci extension and descending trendline resistance.
Trading FX & CFDs carries high risk.
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