GBPUSD H4 | Potential bearish drop off
Title
GBPUSD H4 | Potential bearish drop off
Type
Bearish drop
Preference
The price has reacted off the pivot at 1.3765, a pullback resistance. A drop from this level could lead the price toward the 1st support at 1.3548, a pullback support that aligns with the 61.8% Fibonacci retracement.
Alternative Scenario
If the price breaks above the pivot, it could rise toward the 1st resistance at 1.3875, which acts as a swing high resistance
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.