#GBPUSD is at pivot, potential for bounce
Price is approaching pivot level at 1.37660 which is in line with 78.6% Fibonacci retracement level, 78.6% Fibonacci extension and ascending trendline support. Price could potentially bounce to resistance at 1.39110, in-line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension level. RSI is also at support where previous bounces occurred.
Alternatively, price may drop to support at 1.37030, in-line with 61.8% Fibonacci retracement and 127.2% Fibonacci extension level.
Pivot:
1.37660
Why we like it:
78.6% Fibonacci retracement level, 78.6% Fibonacci extension and ascending trendline support
1st Support:
1.37030
61.8% Fibonacci retracement and 127.2% Fibonacci extension level
1st Resistance:
1.39110
78.6% Fibonacci retracement and 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may drop to support at 1.37030, in-line with 61.8% Fibonacci retracement and 127.2% Fibonacci extension level.
Pivot:
1.37660
Why we like it:
78.6% Fibonacci retracement level, 78.6% Fibonacci extension and ascending trendline support
1st Support:
1.37030
61.8% Fibonacci retracement and 127.2% Fibonacci extension level
1st Resistance:
1.39110
78.6% Fibonacci retracement and 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.
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