#GBPUSD approaching pivot, potentail for a reversal!
Price is approaching pivot level of 1.36074 where we have 38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal pullback resistance lining up. A reversal from this level might see price take support at 1.34287, which is in line with 127.2% Fibonacci extension levelhorizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.39813, which coincides with 50.0% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap support . This is further supported by how price is holding below the EMA.
Pivot:
1.36074
Why we like it:
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal pullback resistance
1st Support:
1.34287
Why we like it:
127.2% Fibonacci extension levelhorizontal swing low support
1st Resistance:
1.39813
Why we like it:
50.0% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap support
Trading FX & CFDs carries high risk.
Pivot:
1.36074
Why we like it:
38.2% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal pullback resistance
1st Support:
1.34287
Why we like it:
127.2% Fibonacci extension levelhorizontal swing low support
1st Resistance:
1.39813
Why we like it:
50.0% Fibonacci extension level, 61.8% Fibonacci retracement level & horizontal overlap support
Trading FX & CFDs carries high risk.
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