#GBPUSD, H4 reversing from our Pivot point, potential for a drop
Description
Price is approaching pivot level of 1.38228 where we have 38.2% Fibonacci retracement level, 61.8% Fibonacci extension levelhorizontal overlap resistance lining up. A reversal from this level might see price take support at 1.37444, which is in line with 78.6% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.38686, which coincides with 78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is holding below the EMA
Pivot:
1.38228
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension levelhorizontal overlap resistance
1st Support:
1.3744
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
1.38686
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
Price is approaching pivot level of 1.38228 where we have 38.2% Fibonacci retracement level, 61.8% Fibonacci extension levelhorizontal overlap resistance lining up. A reversal from this level might see price take support at 1.37444, which is in line with 78.6% Fibonacci retracement level & horizontal swing low support. Finally, price is unlikely to surpass our strong resistance at 1.38686, which coincides with 78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance . This is further supported by how price is holding below the EMA
Pivot:
1.38228
Why we like it:
38.2% Fibonacci retracement level, 61.8% Fibonacci extension levelhorizontal overlap resistance
1st Support:
1.3744
78.6% Fibonacci retracement level & horizontal swing low support
1st Resistance:
1.38686
78.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal swing high resistance
Trading FX & CFDs carries high risk.
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