#GBPUSD approaching pivot, potential for a drop!
Description
Price is approaching our pivot level at 1.37708 which is in line with 38.2% Fibonacci retracement level & horizontal swing low support. Price can potentially take support at 1.35722, which is in line with 78.6% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 1.38623, which coincides with -27.2% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.37708
Why we like it:
38.2% Fibonacci retracement level& horizontal swing low support
1st Support:
1.35722
78.6% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.38623
-27.2%Fibonacci retracement level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
Price is approaching our pivot level at 1.37708 which is in line with 38.2% Fibonacci retracement level & horizontal swing low support. Price can potentially take support at 1.35722, which is in line with 78.6% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 1.38623, which coincides with -27.2% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is likely to reverse off the Stochastic resistance level.
Pivot:
1.37708
Why we like it:
38.2% Fibonacci retracement level& horizontal swing low support
1st Support:
1.35722
78.6% Fibonacci extension level & horizontal swing low support
1st Resistance:
1.38623
-27.2%Fibonacci retracement level & horizontal overlap resistance
Trading FX & CFDs carries high risk.
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