Title
GBPUSD H4 I | Falling towards major support
Type
Bullish bounce
Preference:
The price is falling towards the pivot at 1.3366, an overlap support that aligns with the 61.8% Fibonacci retracement and the 78.6% Fibonacci projection. A bounce at this level could lead the price toward the 1st resistance at 1.3504, a pullback resistance level.
Alternative Scenario:
If the price breaks below the pivot, it could fall toward the 1st support at 1.3280, a pullback support that is slightly above the 127.2% Fibonacci extension and the 78.6% Fibonacci projection.
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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.