#GBPUSD approaching pivot, potential for further upside
Price is retesting trendline support and approaching pivot level at 1.38775, in-line with 78.6% Fibonacci retracement level, 127.2% Fibonacci extension and horizontal overlap resistance. If price can close above pivot, it may potentially swing towards resistance at 1.39835, in-line with 100% Fibonacci retracement level, 161.8% Fibonacci extension and swing high resistance.
Alternatively, price may drop to support at 1.38100 which is in line with 38.2% Fibonacci retracement, 50 and 200MA.
Pivot:
1.38775
Why we like it:
78.6% Fibonacci retracement level, 127.2% Fibonacci extension and horizontal overlap resistance
1st Support:
1.38100
38.2% Fibonacci retracement, 50 and 200MA
1st Resistance:
1.39835
100% Fibonacci retracement level, 161.8% Fibonacci extension and swing high resistance
Trading FX & CFDs carries high risk.
Alternatively, price may drop to support at 1.38100 which is in line with 38.2% Fibonacci retracement, 50 and 200MA.
Pivot:
1.38775
Why we like it:
78.6% Fibonacci retracement level, 127.2% Fibonacci extension and horizontal overlap resistance
1st Support:
1.38100
38.2% Fibonacci retracement, 50 and 200MA
1st Resistance:
1.39835
100% Fibonacci retracement level, 161.8% Fibonacci extension and swing high resistance
Trading FX & CFDs carries high risk.
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