#GBPUSD approaching pivot, potential for a rise!
Price has broken above our pivot level at 1.37808 which is in line with 61.8% Fibonacci extension level . We could potentially see a further rise from here towards 1.38947, which coincides with 161.8% Fibonacci extension level horizontal swing high resistance. Finally, we can expect price to take support at 1.3748, which coincides with 23.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.37808
Why we like it:
61.8% Fibonacci extension level
1st Support:
1.37480
Why we like it:
23.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.38947
Why we like it:
161.8% Fibonacci extension level horizontal swing high resistance
Trading FX & CFDs carries high risk.
Pivot:
1.37808
Why we like it:
61.8% Fibonacci extension level
1st Support:
1.37480
Why we like it:
23.6% Fibonacci retracement level, 78.6% Fibonacci extension level & horizontal overlap support
1st Resistance:
1.38947
Why we like it:
161.8% Fibonacci extension level horizontal swing high resistance
Trading FX & CFDs carries high risk.
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