GBPUSD H1 | Bearish reversal off 78.6% Fib resistance
Title
GBPUSD H1 | Bearish reversal off 78.6% Fib resistance
Type
Bullish bounce
Preference
The price is falling toward the pivot at 1.3340, a pullback support level that aligns with the 61.8% Fibonacci retracement and the 61.8% Fibonacci projection. A bounce from this level could lead the price toward the 1st resistance at 1.3443, a pullback resistance.
Alternative Scenario
If the price breaks below the pivot, it could fall toward the 1st support at 1.3254, which acts as a multi-swing low support.
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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.