GBPUSD, H4 reversed from our Pivot point, potential for drop.
Description:
Price has reversed from our Pivot point at 1.39248, in line with -27%, 61.8% Fibonacci retracement, 127% fibonacci extension, descending trendline resistance and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 1.37762, in line with -27%, 127% fibonacci retracement, 61.8%, 61.8% fibonacci extension and graphical area. Note that price is trending under the Ichimoku cloud and descending trendline, in line with our analysis.
Pivot: 1.39248
Why we like it:
-27%, 61.8% Fibonacci retracement, 127% fibonacci extension, descending trendline resistance and horizontal graphical overlap
1st Support: 1.37762
Why we like it:
-27%, 127% fibonacci retracement, 61.8%, 61.8% fibonacci extension and graphical area
1st Resistance: 1.40072
Why we like it:
38.2%, 88% Fibonacci retracement, and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point at 1.39248, in line with -27%, 61.8% Fibonacci retracement, 127% fibonacci extension, descending trendline resistance and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 1.37762, in line with -27%, 127% fibonacci retracement, 61.8%, 61.8% fibonacci extension and graphical area. Note that price is trending under the Ichimoku cloud and descending trendline, in line with our analysis.
Pivot: 1.39248
Why we like it:
-27%, 61.8% Fibonacci retracement, 127% fibonacci extension, descending trendline resistance and horizontal graphical overlap
1st Support: 1.37762
Why we like it:
-27%, 127% fibonacci retracement, 61.8%, 61.8% fibonacci extension and graphical area
1st Resistance: 1.40072
Why we like it:
38.2%, 88% Fibonacci retracement, and horizontal graphical overlap.
Trading FX & CFDs carries high risk.
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