GBPUSD, H4 is approaching our Pivot point, potential for a drop
Description:
Price is approaching our Pivot point at 1.33893, which is in line with our 38.2% and 61.8% Fibonacci retracement. We could potentially see price drop from this level, towards our 1st support level at 1.32552 in line with 88% fibonacci retracement, 76.4% fibonacci extension and horizontal swing low support. It is worth noting that MACD is under the 0 line, and price is trending below the Ichimoku cloud as well as the descending trendline, showing bullish pressure in line with our analysis.
Pivot: 1.33893
Why we like it:
38.2% and 61.8% Fibonacci retracement
1st Support: 1.32552
Why we like it:
88% fibonacci retracement, 76.4% fibonacci extension and horizontal swing low support
1st Resistance: 1.34513
Why we like it:
88% fibonacci retracement, 78.6% fibonacci extension and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1.33893, which is in line with our 38.2% and 61.8% Fibonacci retracement. We could potentially see price drop from this level, towards our 1st support level at 1.32552 in line with 88% fibonacci retracement, 76.4% fibonacci extension and horizontal swing low support. It is worth noting that MACD is under the 0 line, and price is trending below the Ichimoku cloud as well as the descending trendline, showing bullish pressure in line with our analysis.
Pivot: 1.33893
Why we like it:
38.2% and 61.8% Fibonacci retracement
1st Support: 1.32552
Why we like it:
88% fibonacci retracement, 76.4% fibonacci extension and horizontal swing low support
1st Resistance: 1.34513
Why we like it:
88% fibonacci retracement, 78.6% fibonacci extension and horizontal swing high resistance
Trading FX & CFDs carries high risk.
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