GBPUSD is facing bearish pressure from pivot, potential reversal
Description:
Price is reversing from our Pivot point at 1.38759, which is in line with 38.2% Fibonacci retracement and graphical overlap resistance area. We could potentially see a further drop to our first support area at 1.37421. Stochastic is showing signs of bearish pressure as well, in line with our bearish bias.
Pivot: 1.38759
Why we like it:
38.2% Fibonacci retracement and graphical overlap resistance area
1st Support: 1.37421
Why we like it:
61.8% Fibonacci retracement,127.2% fibonacci extension and horizontal pullback support.
1st Resistance: 1.39489
Why we like it:
horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price is reversing from our Pivot point at 1.38759, which is in line with 38.2% Fibonacci retracement and graphical overlap resistance area. We could potentially see a further drop to our first support area at 1.37421. Stochastic is showing signs of bearish pressure as well, in line with our bearish bias.
Pivot: 1.38759
Why we like it:
38.2% Fibonacci retracement and graphical overlap resistance area
1st Support: 1.37421
Why we like it:
61.8% Fibonacci retracement,127.2% fibonacci extension and horizontal pullback support.
1st Resistance: 1.39489
Why we like it:
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.