#GBPUSD testing pivot, potential for a bounce!
Price is at our pivot level at 1.38187 which is in line with 38.2% Fibonacci retracement level, 127.2% Fibonacci extension level and 200MA. Price could potentially bounce towards resistance at 1.38862 which is in line with 38.2% Fibonacci retracement level and 78.6% Fibonacci extension . Stochastic is also at support where previous bounces occurred.
Alternatively, price may drop to our support at 1.37763, which coincides with -27.2% Fibonacci retracement level, 50% Fibonacci extension level & horizontal overlap support.
Pivot:
1.38187
Why we like it:
38.2% Fibonacci retracement level, 127.2% Fibonacci extension level and 200MA
1st Support:
1.37763
-27.2% Fibonacci retracement level, 50% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.38862
38.2% Fibonacci retracement level and 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may drop to our support at 1.37763, which coincides with -27.2% Fibonacci retracement level, 50% Fibonacci extension level & horizontal overlap support.
Pivot:
1.38187
Why we like it:
38.2% Fibonacci retracement level, 127.2% Fibonacci extension level and 200MA
1st Support:
1.37763
-27.2% Fibonacci retracement level, 50% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.38862
38.2% Fibonacci retracement level and 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.
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