#GBPUSD approaching pivot, potential bearish drop !

Description

Price is reacting below our pivot level at 1.37948 which is in line with 61.8% Fibonacci extension level & horizontal swing low support. Price can potentially take support at 1.36775, which is in line with 161.8% Fibonacci retracement level & 100% Fibonacci extension level. Alternatively, price may rise up to our resistance at 1.39288, which coincides with 61.8% Fibonacci retracement level & horizontal swing high resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.

Pivot:
1.37948

Why we like it:
61.8% Fibonacci extension level & horizontal swing low support

1st Support:
1.37
161.8% Fibonacci retracement level, 100% Fibonacci extension level

1st Resistance:
1.39288
61.8% Fibonacci retracement level & horizontal swing high resistance
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