GBPUSD, H4 approaching our Pivot point, potential for bounce.
Description:
Price is returning to our Pivot point at 1.40971, in line with 78.6%, 38.2% Fibonacci retracement, 127% fibonacci extension, ascending trendline support and horizontal graphical overlap. Where we could potentially see a rise from our pivot towards our 1st resistance level at 1.42531. It is worth noting that price is trending above the moving average and ascending trendline, in line with our bullish view.
Pivot: 1.40971
Why we like it:
78.6%, 38.2% Fibonacci retracement, 127% fibonacci extension, ascending trendline support and horizontal graphical overlap
1st Support: 1.40394
Why we like it:
78.6%, 50% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap.
1st Resistance: 1.42531
Why we like it:
61.8% and 161.8% fibonacci extension
Trading FX & CFDs carries high risk.
Price is returning to our Pivot point at 1.40971, in line with 78.6%, 38.2% Fibonacci retracement, 127% fibonacci extension, ascending trendline support and horizontal graphical overlap. Where we could potentially see a rise from our pivot towards our 1st resistance level at 1.42531. It is worth noting that price is trending above the moving average and ascending trendline, in line with our bullish view.
Pivot: 1.40971
Why we like it:
78.6%, 38.2% Fibonacci retracement, 127% fibonacci extension, ascending trendline support and horizontal graphical overlap
1st Support: 1.40394
Why we like it:
78.6%, 50% Fibonacci retracement, 161.8% fibonacci extension and horizontal graphical overlap.
1st Resistance: 1.42531
Why we like it:
61.8% and 161.8% fibonacci extension
Trading FX & CFDs carries high risk.
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