#GBPUSD, H4 approaching our Pivot point, potential for a bounce
Description:
Price is approaching our Pivot point at 1.41414, in line with 50% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap. Where we could potentially see a bounce from our pivot towards our 1st resistance level at 1.42305, in line with 88.6% fibonacci retracement, 100% fibonacci extension and horizontal swing high resistance. Note that price is trending within the bullish channel, in line with our bullish analysis.
Pivot: 1.41414
Why we like it:
50% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 1.40966
Why we like it:
127% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical swing low
1st Resistance: 1.42305
Why we like it:
88.6% fibonacci retracement, 100% fibonacci extension and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1.41414, in line with 50% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap. Where we could potentially see a bounce from our pivot towards our 1st resistance level at 1.42305, in line with 88.6% fibonacci retracement, 100% fibonacci extension and horizontal swing high resistance. Note that price is trending within the bullish channel, in line with our bullish analysis.
Pivot: 1.41414
Why we like it:
50% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical overlap
1st Support: 1.40966
Why we like it:
127% fibonacci retracement, 61.8% fibonacci extension and horizontal graphical swing low
1st Resistance: 1.42305
Why we like it:
88.6% fibonacci retracement, 100% fibonacci extension and horizontal swing high resistance
Trading FX & CFDs carries high risk.
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