#GBPUSD approaching pivot, potential for a drop!
Price is reacting below our pivot level at 1.34253 which is in line with 61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support. Price can potentially take support at 1.33543, which is in line with 61.8% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 1.35062, which coincides with 78.6% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.34253
Why we like it:
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support
1st Support:
1.33543
Why we like it:
61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.35062
Why we like it:
78.6% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1.34253
Why we like it:
61.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal overlap support
1st Support:
1.33543
Why we like it:
61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.35062
Why we like it:
78.6% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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