#GBPUSD approaching a pivot, potential for a bearish breakout!
Price is approaching pivot point at 1.32774 which is in line with 50.0% Fibonacci retracement level & horizontal overlap resistance. A break and close below this level could see a price swing towards 1st support at 1.31703.This level is in line with 61.8% Fibonacci extension level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.33722, which coincides with 61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.32774
Why we like it:
50.0% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.31703
61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.33722
61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance
Pivot:
1.32774
Why we like it:
50.0% Fibonacci retracement level & horizontal overlap resistance
1st Support:
1.31703
61.8% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.33722
61.8% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance
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