GBPUSD, H4 is approaching our Pivot point, potential for a drop
Description:
Price is approaching our Pivot point at 1.33483, which is in line with our 23.6% and 61.8% Fibonacci retracement. We could potentially see price drop from this level, towards our 1st support level at 1.32330 in line with 61.8% and -61.8% fibonacci retracement. It is worth noting that price is currently trending within a bearish channel, as well as under the Ichimoku cloud. Lastly, Stochastics (21,5,3) is showing bearish pressure where price has previously reacted off the 83% level.
Pivot: 1.33893
Why we like it:
38.2% and 61.8% Fibonacci retracement
1st Support: 1.32330
Why we like it:
61.8% and -61.8% fibonacci retracement.
1st Resistance: 1.34139
Why we like it:
76.4%, 78.6% fibonacci retracement and horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1.33483, which is in line with our 23.6% and 61.8% Fibonacci retracement. We could potentially see price drop from this level, towards our 1st support level at 1.32330 in line with 61.8% and -61.8% fibonacci retracement. It is worth noting that price is currently trending within a bearish channel, as well as under the Ichimoku cloud. Lastly, Stochastics (21,5,3) is showing bearish pressure where price has previously reacted off the 83% level.
Pivot: 1.33893
Why we like it:
38.2% and 61.8% Fibonacci retracement
1st Support: 1.32330
Why we like it:
61.8% and -61.8% fibonacci retracement.
1st Resistance: 1.34139
Why we like it:
76.4%, 78.6% fibonacci retracement 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.