#GBPUSD approaching pivot, potential for a drop!
Price is approaching pivot level at 1.38303 which is in line with 38.2% Fibonacci retracement level and 200MA. Price may potentially swing towards support at 1.37680 which is in line with -27.2%, 50% Fibonacci retracement and horizontal pullback support.
Alternatively, price may bounce to our resistance at 1.38687, which coincides with 78.6% Fibonacci retracement level and 78.6% Fibonacci extension level.
Pivot:
1.38303
Why we like it:
38.2% Fibonacci retracement level and 200MA
1st Support:
1.37680
-27.2% Fibonacci retracement level, 50% Fibonacci extension level & horizontal pullback support
1st Resistance:
1.38687
78.6% Fibonacci retracement level and 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may bounce to our resistance at 1.38687, which coincides with 78.6% Fibonacci retracement level and 78.6% Fibonacci extension level.
Pivot:
1.38303
Why we like it:
38.2% Fibonacci retracement level and 200MA
1st Support:
1.37680
-27.2% Fibonacci retracement level, 50% Fibonacci extension level & horizontal pullback support
1st Resistance:
1.38687
78.6% Fibonacci retracement level and 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.
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