#GBPUSD reacting above pivot, potential for a bounce!
Price is reacting above pivot level at 1.34150 , in-line with 161.8% Fibonacci retracement level and 127.2% Fibonacci extension. Price could potentially have a short-term bounce to resistance at 1.35400, in-line with 23.6% Fibonacci retracement level and 61.8% Fibonacci extension.
Alternatively, price may drop to support at 1.32970, in-line with 200% Fibonacci retracement and 161.8% Fibonacci extension and trendline resistance.
Pivot:
1.34150
Why we like it:
161.8% Fibonacci retracement level and 127.2% Fibonacci extension
1st Support:
1.32970
200% Fibonacci retracement and 161.8% Fibonacci extension and trendline resistance
1st Resistance:
1.34150
in-line with 23.6% Fibonacci retracement level and 61.8% Fibonacci extension
Trading FX & CFDs carries high risk.
Alternatively, price may drop to support at 1.32970, in-line with 200% Fibonacci retracement and 161.8% Fibonacci extension and trendline resistance.
Pivot:
1.34150
Why we like it:
161.8% Fibonacci retracement level and 127.2% Fibonacci extension
1st Support:
1.32970
200% Fibonacci retracement and 161.8% Fibonacci extension and trendline resistance
1st Resistance:
1.34150
in-line with 23.6% Fibonacci retracement level and 61.8% Fibonacci extension
Trading FX & CFDs carries high risk.
Penafian
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