#GBPUSD approaching pivot, potential for a bounce!
Price is approaching pivot level of 1.3667, which is in line with 38.2% Fibonacci retracement level & horizontal pullback support. A reversal from this level may see price take resistance at price 1.38119. This level coincides with 127.2% Fibonacci extension level horizontal swing high resistance. Finally, we can expect price to take support at 1.3609950.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal pullback support . This is further supported by how price is likely to bounce off the Stochastic support level .
Pivot:
1.36670
Why we like it:
38.2% Fibonacci retracement level & horizontal pullback support
1st Support:
1.36099
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal pullback support
1st Resistance:
1.38119
127.2% Fibonacci extension level horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1.36670
Why we like it:
38.2% Fibonacci retracement level & horizontal pullback support
1st Support:
1.36099
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal pullback support
1st Resistance:
1.38119
127.2% Fibonacci extension level horizontal swing high resistance
Trading FX & CFDs carries high risk.
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