#GBPUSD approaching pivot, potential for a rise!
Price has broken above our pivot level at 1.37475 which is in line with 23.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support . We could potentially see a further rise from here towards 1.39063, which coincides with 161.8% Fibonacci extension levelhorizontal swing high resistance & 161.8% Fibonacci extension level. Finally, we can expect price to take support at 1.37207, which coincides with 38.2% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal overlap support . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.37475
Why we like it:
23.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support
1st Support:
1.37207
Why we like it:
38.2% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.39063
Why we like it:
161.8% Fibonacci extension levelhorizontal swing high resistance & 161.8% Fibonacci extension level
Trading FX & CFDs carries high risk.
Pivot:
1.37475
Why we like it:
23.6% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap support
1st Support:
1.37207
Why we like it:
38.2% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.39063
Why we like it:
161.8% Fibonacci extension levelhorizontal swing high resistance & 161.8% 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.