Title
GBPUSD H4 | Bounce off from resistance
Type
Bearish Breakout
Preference:
The price is currently at our pivot level at 1.24158, which is an overlap resistance level and line up with a 38.2% Fibonacci retracement. If there is a reversal from this level, the price could potentially drop to 1st support level at 1.23515, which is a swing low support level
Alternative scenario:
However, if price were to break above the pivot, it could push up to 1st resistance at 1.24882 which is a swing high resistance
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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.