#GBPUSD approaching our Pivot point, potential for a bounce
Description:
Price is approaching our Pivot point at 1.35988, in line with 61.8% Fibonacci retracement, 78.6%, 78.6% Fibonacci extension and horizontal graphical area. Where we could potentially see a drop towards our 1st resistance level at 1.34601. It is worth noting that price is trending under the moving average and Ichimoku cloud resistance, in line with our bearish view.
Pivot: 1.35988
Why we like it:
38.2%, 78.6% Fibonacci retracement and horizontal graphical area
1st Support: 1.35363
Why we like it:
78.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical area.
1st Resistance: 1.35988
Why we like it:
61.8%, 78.6% Fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
Price is approaching our Pivot point at 1.35988, in line with 61.8% Fibonacci retracement, 78.6%, 78.6% Fibonacci extension and horizontal graphical area. Where we could potentially see a drop towards our 1st resistance level at 1.34601. It is worth noting that price is trending under the moving average and Ichimoku cloud resistance, in line with our bearish view.
Pivot: 1.35988
Why we like it:
38.2%, 78.6% Fibonacci retracement and horizontal graphical area
1st Support: 1.35363
Why we like it:
78.6% Fibonacci retracement, 78.6% Fibonacci extension and horizontal graphical area.
1st Resistance: 1.35988
Why we like it:
61.8%, 78.6% Fibonacci extension and horizontal swing high resistance.
Trading FX & CFDs carries high risk.
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