Title
GBPUSD H4 | Potential reversal in the short term
Type
Bullish Bounce
Preference:
Price is currently at our pivot point of 1.23988, which is an overlap resistance level along with a 50% Fibonacci retracement level. Additionally, the price is currently trading above an ascending trendline support If there is a reversal from this point, the price could potentially rise towards the 1st resistance level at 1.24573 , which is a swing high resistance level.
Alternative scenario:
On the other hand, if the price were to break below the pivot, it could potentially drop down to 1st support level at 1.23462.
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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.