#GBPUSD approaching a pivot, potential for a bearish breakout!
Price is approaching pivot point at 1.3797 which is in line with 100% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal pullback support. A break and close below this level could see a price swing towards 1st support at 1.37188.This level is in line with 23.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support. Finally, price is unlikely to surpass our strong resistance at 1.38309, which coincides with horizontal swing high resistance . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.37970
Why we like it:
100% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal pullback support
1st Support:
1.37188
Why we like it:
23.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.38309
Why we like it:
horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1.37970
Why we like it:
100% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal pullback support
1st Support:
1.37188
Why we like it:
23.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.38309
Why we like it:
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.