#GBPUSD approaching pivot, potential for a reversal!
Description
Price is approaching pivot level of 1.39397 where we have 78.6% Fibonacci extension level & horizontal swing high resistance lining up. A reversal from this level might see price take support at 1.38336, which is in line with 50.0% Fibonacci retracement level & horizontal pullback support. Finally, price is unlikely to surpass our strong resistance at 1.40015, which coincides with 127.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.39397
Why we like it:
78.6% Fibonacci extension level & horizontal swing high resistance
1st Support:
1.38336
50.0% Fibonacci retracement level & horizontal pullback support
1st Resistance:
1.40015
127.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 1.39397 where we have 78.6% Fibonacci extension level & horizontal swing high resistance lining up. A reversal from this level might see price take support at 1.38336, which is in line with 50.0% Fibonacci retracement level & horizontal pullback support. Finally, price is unlikely to surpass our strong resistance at 1.40015, which coincides with 127.2% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.39397
Why we like it:
78.6% Fibonacci extension level & horizontal swing high resistance
1st Support:
1.38336
50.0% Fibonacci retracement level & horizontal pullback support
1st Resistance:
1.40015
127.2% Fibonacci retracement level, 127.2% 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.