GBPUSD, H4 reversed from our Pivot point, potential for a drop
Description:
Price has reversed from our Pivot point at 1.35877, in line with 61.8% Fibonacci retracement, 61.8% Fibonacci extension, descending trendline resistance and horizontal graphical area. Where we could potentially see a drop towards our 1st support level at 1.35135. It is worth noting that price is trending under the descending trendline, in line with our bearish view.
Pivot: 1.35877
Why we like it:
61.8% Fibonacci retracement, 61.8% Fibonacci extension, descending trendline resistance and horizontal graphical area
1st Support: 1.35135
Why we like it:
-27% Fibonacci retracement, 100% Fibonacci extension and horizontal graphical support area.
1st Resistance: 1.36454
Why we like it:
61.8%, 78.6% Fibonacci retracement and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point at 1.35877, in line with 61.8% Fibonacci retracement, 61.8% Fibonacci extension, descending trendline resistance and horizontal graphical area. Where we could potentially see a drop towards our 1st support level at 1.35135. It is worth noting that price is trending under the descending trendline, in line with our bearish view.
Pivot: 1.35877
Why we like it:
61.8% Fibonacci retracement, 61.8% Fibonacci extension, descending trendline resistance and horizontal graphical area
1st Support: 1.35135
Why we like it:
-27% Fibonacci retracement, 100% Fibonacci extension and horizontal graphical support area.
1st Resistance: 1.36454
Why we like it:
61.8%, 78.6% Fibonacci retracement and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.