Title
GBPUSD H4 | Reacting off swing high?
Type
Bearish Reversal
Preference:
The price is rising toward our pivot point of 1.2224, which serves as a swing-high resistance level aligning with the 127.2% Fibonacci extension. A reversal from this point could lead to a price drop to the 1st support at 1.2174, an overlapping support level.
Alternative scenario:
However, if the price breaks above the pivot, it might rise to the 1st resistance at 1.2266, which also serves as a swing high resistance level.
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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.