#GBPUSD approaching pivot, potential upside!
Description
Price is reacting below our pivot level at 1.38662 which is in line with 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 1.3731, which is in line with 127.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 1.39992, which coincides with 127.2% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is now holding above the EMA .
Pivot:
1.38662
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension levelhorizontal overlap resistance
1st Support:
1.37
127.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.39992
127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.38662 which is in line with 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 1.3731, which is in line with 127.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 1.39992, which coincides with 127.2% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is now holding above the EMA .
Pivot:
1.38662
Why we like it:
50.0% Fibonacci retracement level, 61.8% Fibonacci extension levelhorizontal overlap resistance
1st Support:
1.37
127.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.39992
127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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