#GBPUSD approaching pivot, potential bearish drop !
Description
Price is reacting below our pivot level at 1.37948 which is in line with 61.8% Fibonacci extension level & horizontal swing low support. Price can potentially take support at 1.36775, which is in line with 161.8% Fibonacci retracement level & 100% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.39288, which coincides with 61.8% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.37948
Why we like it:
61.8% Fibonacci extension level & horizontal swing low support
1st Support:
1.37
161.8% Fibonacci retracement level, 100% Fibonacci extension level
1st Resistance:
1.39288
61.8% Fibonacci retracement level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is reacting below our pivot level at 1.37948 which is in line with 61.8% Fibonacci extension level & horizontal swing low support. Price can potentially take support at 1.36775, which is in line with 161.8% Fibonacci retracement level & 100% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.39288, which coincides with 61.8% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.
Pivot:
1.37948
Why we like it:
61.8% Fibonacci extension level & horizontal swing low support
1st Support:
1.37
161.8% Fibonacci retracement level, 100% Fibonacci extension level
1st Resistance:
1.39288
61.8% Fibonacci retracement 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.