GBPUSD approaching pivot, potential for a drop!

Price is reacting below our pivot level at 1.32852 which is in line with 61.8% Fibonacci extension level, 61.8% Fibonacci retracement level. Price can potentially take support at 1.28187, which is in line with 78.6% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal overlap support. Alternatively, price may rise up to our resistance at 1.34129, which coincides with 50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.

Pivot:
1.32852
Why we like it:
61.8% Fibonacci extension level, 61.8% Fibonacci retracement level

1st Support:
1.28187
78.6% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal overlap support

1st Resistance:
1.34129
50.0% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap resistance

Trading FX & CFDs carries high risk.