Title
GBPUSD H1 I Pullback resistance triggers bearish reversal
Type
Bearish reversal
Preference:
The price is reacting off the pivot at 1.3452, a pullback resistance that is slightly above the 50% Fibonacci retracement. A reversal at this level could lead the price toward the 1st support at 1.3392, a pullback support that aligns with the 50% Fibonacci retracement.
Alternative Scenario:
If the price breaks above the pivot, it could rise toward the 1st resistance at 1.3497, a pullback resistance that is slightly below the 78.6% Fibonacci retracement.
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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.