#GBPUSD, H4 is approaching our Pivot point, potential for a drop
Description:
Price is approaching our Pivot point at 1.41403, in line with 38.2%, 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 1.40829, in line with 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: 1.41403
Why we like it:
38.2%, 61.8% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 1.40829
Why we like it:
61.8% fibonacci extension and horizontal swing low support
1st Resistance: 1.41834
Why we like it:
61.8% fibonacci retracement, 100% fibonacci extension and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1.41403, in line with 38.2%, 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 1.40829, in line with 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: 1.41403
Why we like it:
38.2%, 61.8% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 1.40829
Why we like it:
61.8% fibonacci extension and horizontal swing low support
1st Resistance: 1.41834
Why we like it:
61.8% fibonacci retracement, 100% fibonacci extension and horizontal swing high resistance
Trading FX & CFDs carries high risk.
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