Title
GBPUSD H4 | Falling to support level?
Type
Bearish Reversal
Preference:
Price is currently at our pivot of 1.2242 which is an overlap resistance level that aligns with the 61.8% Fibo retracement.
A bounce from this point could lead the price to rise to the 1st resistance at 1.23009, a multi-swing high resistance
Alternative scenario:
However, if the price breaks below the pivot, it might decline to the 1st support at 1,2527, below the 78.6% Fibo retracement.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.