GBPUSD, H4 reversed from our Pivot point, potential for drop.
Description:
Price has reversed from our Pivot point at 1.36934, in line with 100% Fibonacci extension, ascending trendline resistance and horizontal graphical area. Where we could potentially see a drop from our pivot towards our 1st support level at 1.36379. It is worth noting that price is trending under the ascending trendline resistance, and MACD line is under the 0-line, in line with our bearish view.
Pivot: 1.36464
Why we like it:
100% Fibonacci extension, ascending trendline resistance and horizontal graphical area
1st Support: 1.35842
Why we like it:
50%, 61.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical area.
1st Resistance: 1.37558
Why we like it:
161.8% Fibonacci retracement, 127% Fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point at 1.36934, in line with 100% Fibonacci extension, ascending trendline resistance and horizontal graphical area. Where we could potentially see a drop from our pivot towards our 1st support level at 1.36379. It is worth noting that price is trending under the ascending trendline resistance, and MACD line is under the 0-line, in line with our bearish view.
Pivot: 1.36464
Why we like it:
100% Fibonacci extension, ascending trendline resistance and horizontal graphical area
1st Support: 1.35842
Why we like it:
50%, 61.8% Fibonacci retracement, 61.8% fibonacci extension and horizontal graphical area.
1st Resistance: 1.37558
Why we like it:
161.8% Fibonacci retracement, 127% Fibonacci extension and 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.