GBPUSD, H4 is testing our Pivot, potential for bearish breakout
Description:
Price is currently testing our Pivot point at 1.38798, in line with 78.6% Fibonacci retracement, 50% fibonacci extension, and horizontal graphical overlap. Where we could potentially see a bearish breakout from our pivot towards our 1st support level at 1.37199, in line with -27%, 78.6% fibonacci retracement, 127%, 161.8% fibonacci extension and graphical swing low support. Note that price is also attempting to break out of the Ichimoku cloud, in line with our bearish analysis.
Pivot: 1.38798
Why we like it:
78.6% Fibonacci retracement, 50% fibonacci extension, and horizontal graphical overlap
1st Support: 1.37199
Why we like it:
-27%, 78.6% fibonacci retracement, 127%, 161.8% fibonacci extension and graphical swing low support
1st Resistance: 1.39854
Why we like it:
88.6% Fibonacci retracement, 78.6% fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price is currently testing our Pivot point at 1.38798, in line with 78.6% Fibonacci retracement, 50% fibonacci extension, and horizontal graphical overlap. Where we could potentially see a bearish breakout from our pivot towards our 1st support level at 1.37199, in line with -27%, 78.6% fibonacci retracement, 127%, 161.8% fibonacci extension and graphical swing low support. Note that price is also attempting to break out of the Ichimoku cloud, in line with our bearish analysis.
Pivot: 1.38798
Why we like it:
78.6% Fibonacci retracement, 50% fibonacci extension, and horizontal graphical overlap
1st Support: 1.37199
Why we like it:
-27%, 78.6% fibonacci retracement, 127%, 161.8% fibonacci extension and graphical swing low support
1st Resistance: 1.39854
Why we like it:
88.6% Fibonacci retracement, 78.6% 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.