GBPUSD, H4 is approaching our Pivot point, potential for drop.
Description: Price is approaching our Pivot point at 1.38821, in line with 78.6% Fibonacci retracement, 61.8% fibonacci extension, and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 1.37587, in line with -27%, 161.8% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap.
Pivot: 1.38821 Why we like it: 78.6% Fibonacci retracement, 61.8% fibonacci extension, and horizontal graphical overlap
1st Support: 1.37587 Why we like it: -27%, 161.8% fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap
1st Resistance: 1.39873 Why we like it: 88.6% Fibonacci retracement, 78.6% fibonacci extension and horizontal swing high resistance.
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