#GBPUSD testing pivot, potential for a bounce!
Price is at our pivot level at 1.38187 which is in line with 38.2% Fibonacci retracement level, 127.2% Fibonacci extension level and 200MA. Price could potentially bounce towards resistance at 1.38862 which is in line with 38.2% Fibonacci retracement level and 78.6% Fibonacci extension . Stochastic is also at support where previous bounces occurred.
Alternatively, price may drop to our support at 1.37763, which coincides with -27.2% Fibonacci retracement level, 50% Fibonacci extension level & horizontal overlap support.
Pivot:
1.38187
Why we like it:
38.2% Fibonacci retracement level, 127.2% Fibonacci extension level and 200MA
1st Support:
1.37763
-27.2% Fibonacci retracement level, 50% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.38862
38.2% Fibonacci retracement level and 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may drop to our support at 1.37763, which coincides with -27.2% Fibonacci retracement level, 50% Fibonacci extension level & horizontal overlap support.
Pivot:
1.38187
Why we like it:
38.2% Fibonacci retracement level, 127.2% Fibonacci extension level and 200MA
1st Support:
1.37763
-27.2% Fibonacci retracement level, 50% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.38862
38.2% Fibonacci retracement level and 78.6% Fibonacci extension level
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.