#GBPUSD reacting above pivot, potential for a bounce!
Price is reacting above pivot level at 1.35220, in-line with 127.2% Fibonacci retracement level and 100% Fibonacci extension. Price could potentially have a short-term bounce to resistance at 1.36140, in-line with 23.6% Fibonacci retracement level and 61.8% Fibonacci extension.
Alternatively, price may drop to support at 1.34150, in-line with 161.8% Fibonacci retracement and 127.2% Fibonacci extension and trendline resistance.
Pivot:
1.35220
Why we like it:
127.2% Fibonacci retracement level and 100% Fibonacci extension
1st Support:
1.34150
161.8% Fibonacci retracement and 127.2% Fibonacci extension and trendline resistance
1st Resistance:
1.36140
23.6% Fibonacci retracement level and 61.8% Fibonacci extension
Trading FX & CFDs carries high risk.
Alternatively, price may drop to support at 1.34150, in-line with 161.8% Fibonacci retracement and 127.2% Fibonacci extension and trendline resistance.
Pivot:
1.35220
Why we like it:
127.2% Fibonacci retracement level and 100% Fibonacci extension
1st Support:
1.34150
161.8% Fibonacci retracement and 127.2% Fibonacci extension and trendline resistance
1st Resistance:
1.36140
23.6% Fibonacci retracement level and 61.8% Fibonacci extension
Trading FX & CFDs carries high risk.
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