#GBPUSD approaching pivot, potential for a breakout!

Price is approaching and likely to breakout of strong pivot level of 1.3415. This level coincides with 161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing low support. A break and close above this level could see price swing towards 1st resistance at 1.39813. This level is strengthened by 200% Fibonacci retracement level, 161.8% Fibonacci extension level. Finally, we can expect price to take support at 1.3297, which coincides with 200% Fibonacci retracement level, 161.8% Fibonacci extension level . This is further supported by how price is likely to bounce off the RSI support level .

Pivot:
1.34150
Why we like it:
161.8% Fibonacci retracement level, 127.2% Fibonacci extension level & horizontal swing low support

1st Support:
1.32970
Why we like it:
200% Fibonacci retracement level, 161.8% Fibonacci extension level

1st Resistance:
1.39813
Why we like it:
23.6% Fibonacci retracement level, 61.8% Fibonacci extension level & horizontal overlap support

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