GBPUSD, H4 is testing our Pivot point, potential for a drop.
Description:
Price is testing our Pivot point at 1.33978, which is in line with our 50%, 61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical overlap. We could potentially see price drop from this level, towards our 1st support level at 1.32333. It is worth noting that MACD is under the 0 line, showing bullish pressure in line with our analysis.
Pivot: 1.33978
Why we like it:
50%, 61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical overlap
1st Support: 1.32333
Why we like it:
61.8%,127% Fibonacci extension and horizontal graphical support.
1st Resistance: 1.35030
Why we like it:
88% Fibonacci retracement and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is testing our Pivot point at 1.33978, which is in line with our 50%, 61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical overlap. We could potentially see price drop from this level, towards our 1st support level at 1.32333. It is worth noting that MACD is under the 0 line, showing bullish pressure in line with our analysis.
Pivot: 1.33978
Why we like it:
50%, 61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal graphical overlap
1st Support: 1.32333
Why we like it:
61.8%,127% Fibonacci extension and horizontal graphical support.
1st Resistance: 1.35030
Why we like it:
88% Fibonacci retracement and horizontal swing high resistance
Trading FX & CFDs carries high risk.
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