GBPUSD, H4 reversed from our Pivot point, potential for drop.
Description:
Price has reversed from our Pivot point at 1.40098, in line with 50% Fibonacci retracement, 100% fibonacci extension, and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 1.38275, in line with 61.8%, 78.6% fibonacci retracement, 78.6% fibonacci extension and graphical swing low support. Note that Stochastics is showing bearish pressure where price has previously reversed from the 95% level.
Pivot: 1.40098
Why we like it:
50% Fibonacci retracement, 100% fibonacci extension, and horizontal graphical overlap
1st Support: 1.38275
Why we like it:
61.8%, 78.6% fibonacci retracement, 78.6% fibonacci extension and graphical swing low support
1st Resistance: 1.41458
Why we like it:
-61.8%, 78.6% Fibonacci retracement, 200% fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price has reversed from our Pivot point at 1.40098, in line with 50% Fibonacci retracement, 100% fibonacci extension, and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 1.38275, in line with 61.8%, 78.6% fibonacci retracement, 78.6% fibonacci extension and graphical swing low support. Note that Stochastics is showing bearish pressure where price has previously reversed from the 95% level.
Pivot: 1.40098
Why we like it:
50% Fibonacci retracement, 100% fibonacci extension, and horizontal graphical overlap
1st Support: 1.38275
Why we like it:
61.8%, 78.6% fibonacci retracement, 78.6% fibonacci extension and graphical swing low support
1st Resistance: 1.41458
Why we like it:
-61.8%, 78.6% Fibonacci retracement, 200% fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Penafian
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