GBPUSD, H4 testing our Pivot point, potential for drop.

Description:
Price is testing our Pivot point at 1.39925, in line with 61.8%, -61.8% Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap. Where we could potentially see a drop from our pivot towards our 1st support level at 1.39235. It is worth noting that price is trending under the moving average, in line with our bearish view.

Pivot: 1.39925
Why we like it:
61.8%, -61.8% Fibonacci retracement, 127% fibonacci extension and horizontal graphical overlap

1st Support: 1.39235
Why we like it:
78.6% and 127% Fibonacci retracement

1st Resistance: 1.40406
Why we like it:
78.6%, -27% Fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap

Trading FX & CFDs carries high risk.