#GBPUSD approaching pivot, potential for a breakout!
Price is approaching and likely to breakout of strong pivot level of 1.3415. This level coincides with 161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing low support. A break and close above this level could see price swing towards 1st resistance at 1.39813. This level is strengthened by 200% Fibonacci retracement level, 161.8% Fibonacci extension level. Finally, we can expect price to take support at 1.3297, which coincides with 200% Fibonacci retracement level, 161.8% Fibonacci extension level . This is further supported by how price is likely to bounce off the RSI support level .
Pivot:
1.34150
Why we like it:
161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing low support
1st Support:
1.32970
Why we like it:
200% Fibonacci retracement level, 161.8% Fibonacci extension level
1st Resistance:
1.39813
Why we like it:
23.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support
Trading FX & CFDs carries high risk.
Pivot:
1.34150
Why we like it:
161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing low support
1st Support:
1.32970
Why we like it:
200% Fibonacci retracement level, 161.8% Fibonacci extension level
1st Resistance:
1.39813
Why we like it:
23.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support
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.