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.
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