#GBPUSD, H4 is approaching our Pivot point, potential for a drop
Description:
Price is approaching our Pivot point at 1.40058, in line with 61.8% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 1.39137, in line with 88.6% fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support. Note that price is under the Ichimoku cloud and MACD is under the 0-line, in line with our bearish analysis.
Pivot: 1.40058
Why we like it:
38.2%, 61.8% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 1.39137
Why we like it:
88.6% fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support
1st Resistance: 1.40683
Why we like it:
61.8% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1.40058, in line with 61.8% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 1.39137, in line with 88.6% fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support. Note that price is under the Ichimoku cloud and MACD is under the 0-line, in line with our bearish analysis.
Pivot: 1.40058
Why we like it:
38.2%, 61.8% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 1.39137
Why we like it:
88.6% fibonacci retracement, 61.8% fibonacci extension and horizontal swing low support
1st Resistance: 1.40683
Why we like it:
61.8% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap
Trading FX & CFDs carries high risk.
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