#GBPUSD approaching pivot, potential for a bounce!
Price is approaching pivot level at 1.38341 which is in line with 50% Fibonacci retracement level and 200MA. Price may potentially swing towards our resistance at 1.39089, which coincides with 61.8% Fibonacci retracement level and 100% Fibonacci extension level.
Alternatively, price may drop to our support at 1.38021 which is in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension level.
Pivot:
1.38341
Why we like it:
50% Fibonacci retracement level and 200MA
1st Support:
1.38021
78.6% Fibonacci retracement and 78.6% Fibonacci extension level
1st Resistance:
1.39089
61.8% Fibonacci retracement level and 100% Fibonacci extension level.
Trading FX & CFDs carries high risk.
Alternatively, price may drop to our support at 1.38021 which is in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension level.
Pivot:
1.38341
Why we like it:
50% Fibonacci retracement level and 200MA
1st Support:
1.38021
78.6% Fibonacci retracement and 78.6% Fibonacci extension level
1st Resistance:
1.39089
61.8% Fibonacci retracement level and 100% Fibonacci extension level.
Trading FX & CFDs carries high risk.
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