#GBPUSD, H4 reversing from our Pivot point, potential for a drop
Description
Price is approaching pivot level of 1.38228 where we have 38.2% Fibonacci retracement level, 61.8% Fibonacci extension levelhorizontal overlap resistance lining up. A reversal from this level might see price take support at 1.37444, which is in line with 78.6% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.38686, which coincides with 78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is holding below the EMA
Pivot:
1.38228
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension levelhorizontal overlap resistance
1st Support:
1.3744
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
1.38686
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 1.38228 where we have 38.2% Fibonacci retracement level, 61.8% Fibonacci extension levelhorizontal overlap resistance lining up. A reversal from this level might see price take support at 1.37444, which is in line with 78.6% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.38686, which coincides with 78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is holding below the EMA
Pivot:
1.38228
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension levelhorizontal overlap resistance
1st Support:
1.3744
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
1.38686
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.