#GBPUSD is at pivot, potential for a drop!
Price is reactive below pivot level at 1.37405 which is in line with 50% Fibonacci retracement level , 200% Fibonacci extension and 50MA. Price may potentially drop to support at 1.36580 which is in-line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension level. Stochastic is also approaching resistance level where previous drops occurred.
Alternatively, price may swing towards resistance at 1.37870 which is in line with -27.2% Fibonacci retracement and 61.8% Fibonacci extension level.
Pivot:
1.37405
Why we like it:
50% Fibonacci retracement level , 200% Fibonacci extension and 50MA
1st Support:
1.36580
61.8% Fibonacci retracement and 61.8% Fibonacci extension level
1st Resistance:
1.37870
-27.2% Fibonacci retracement and 61.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may swing towards resistance at 1.37870 which is in line with -27.2% Fibonacci retracement and 61.8% Fibonacci extension level.
Pivot:
1.37405
Why we like it:
50% Fibonacci retracement level , 200% Fibonacci extension and 50MA
1st Support:
1.36580
61.8% Fibonacci retracement and 61.8% Fibonacci extension level
1st Resistance:
1.37870
-27.2% Fibonacci retracement and 61.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
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