#GBPUSD, H4 bouncing from our Pivot point, potential for a rise
Description:
Price is bouncing from our Pivot point at 1.39031, in line with 78.6% fibonacci retracement, 127% fibonacci extension and bullish channel trendline. Where we could potentially see a rise from our pivot towards our 1st resistance level at 1.40115, in line with 61.8% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap. Note that price is trending within the bullish channel, in line with our bullish analysis.
Pivot: 1.39031
Why we like it:
78.6% fibonacci retracement, 127% fibonacci extension and bullish channel trendline
1st Support: 1.37982
Why we like it:
78.6%, 127% fibonacci retracement and horizontal swing low support
1st Resistance: 1.40115
Why we like it:
61.8% fibonacci extension and horizontal graphical overlap
Trading FX & CFDs carries high risk.
Price is bouncing from our Pivot point at 1.39031, in line with 78.6% fibonacci retracement, 127% fibonacci extension and bullish channel trendline. Where we could potentially see a rise from our pivot towards our 1st resistance level at 1.40115, in line with 61.8% fibonacci retracement, 100% fibonacci extension and horizontal graphical overlap. Note that price is trending within the bullish channel, in line with our bullish analysis.
Pivot: 1.39031
Why we like it:
78.6% fibonacci retracement, 127% fibonacci extension and bullish channel trendline
1st Support: 1.37982
Why we like it:
78.6%, 127% fibonacci retracement and horizontal swing low support
1st Resistance: 1.40115
Why we like it:
61.8% fibonacci extension and horizontal graphical overlap
Trading FX & CFDs carries high risk.
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