GBPUSD, H4 bouncing from our Pivot point, potential for a rise!
Description:
Price is bouncing from our Pivot point at 1.36099, in line with 38.2% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical area. Where we could potentially see a rise towards our 1st resistance level at 1.37111. It is worth noting that price is trending above the ascending trendline, as well as the Ichimoku cloud, which are showing bullish pressure in line with our analysis. Lastly, Stochastics is showing bullish pressure where price has previously reacted off the 17% level.
Pivot: 1.36099
Why we like it:
38.2% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical area
1st Support: 1.35422
Why we like it:
61.8% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical support area.
1st Resistance: 1.37111
Why we like it:
61.8%, 88% Fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price is bouncing from our Pivot point at 1.36099, in line with 38.2% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical area. Where we could potentially see a rise towards our 1st resistance level at 1.37111. It is worth noting that price is trending above the ascending trendline, as well as the Ichimoku cloud, which are showing bullish pressure in line with our analysis. Lastly, Stochastics is showing bullish pressure where price has previously reacted off the 17% level.
Pivot: 1.36099
Why we like it:
38.2% Fibonacci retracement, 50% Fibonacci extension and horizontal graphical area
1st Support: 1.35422
Why we like it:
61.8% Fibonacci retracement, 88% Fibonacci extension and horizontal graphical support area.
1st Resistance: 1.37111
Why we like it:
61.8%, 88% Fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
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