#GBPUSD is approaching pivot, potential for bounce!
Price is approaching pivot level at 1.36685 which, in-line with 23.6% Fibonacci retracement level, 61.8% Fibonacci extension and horizontal overlap resistance. Price may potentially drop to support at 1.36020 which is in-line with 100% Fibonacci retracement , 100% Fibonacci extension and swing low support. Stochastic is also approaching horizontal support where previous bounces occurred.
Alternatively, price may swing towards resistance at 1.37605, in-line with 23.6% Fibonacci retracement, 61.8% Fibonacci extension and trendline resistance.
Pivot:
1.36685
Why we like it:
23.6% Fibonacci retracement level, 61.8% Fibonacci extension and horizontal overlap resistance
1st Support:
1.36020
100% Fibonacci retracement , 100% Fibonacci extension and swing low support
1st Resistance:
1.37605
23.6% Fibonacci retracement, 61.8% Fibonacci extension and trendline resistance
Trading FX & CFDs carries high risk.
Alternatively, price may swing towards resistance at 1.37605, in-line with 23.6% Fibonacci retracement, 61.8% Fibonacci extension and trendline resistance.
Pivot:
1.36685
Why we like it:
23.6% Fibonacci retracement level, 61.8% Fibonacci extension and horizontal overlap resistance
1st Support:
1.36020
100% Fibonacci retracement , 100% Fibonacci extension and swing low support
1st Resistance:
1.37605
23.6% Fibonacci retracement, 61.8% Fibonacci extension and trendline resistance
Trading FX & CFDs carries high risk.
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