#GBPUSD is consolidating at pivot, potential for drop
Price is consolidating around pivot level at 1.37725 which is in line with 61.8% Fibonacci retracement level , 78.6% Fibonacci extension and descending trendline resistance. Price may potentially drop to support at 1.36945 which is in-line with 50% Fibonacci retracement and 61.8% Fibonacci extension level. Stochastic is also indicating negative divergence for possible drop.
Alternatively, price may swing towards resistance at 1.38190 which is in line with 78.6% Fibonacci retracement and 100% Fibonacci extension level.
Pivot:
1.37725
Why we like it:
61.8% Fibonacci retracement level , 78.6% Fibonacci extension and descending trendline resistance
1st Support:
1.36945
50% Fibonacci retracement , 78.6% Fibonacci extension level and Stochastic negative divergence
1st Resistance:
1.38190
78.6% Fibonacci retracement and 100% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may swing towards resistance at 1.38190 which is in line with 78.6% Fibonacci retracement and 100% Fibonacci extension level.
Pivot:
1.37725
Why we like it:
61.8% Fibonacci retracement level , 78.6% Fibonacci extension and descending trendline resistance
1st Support:
1.36945
50% Fibonacci retracement , 78.6% Fibonacci extension level and Stochastic negative divergence
1st Resistance:
1.38190
78.6% Fibonacci retracement and 100% 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.