Title
EURGBP H4 | Bullish breakout
Type
Bullish Breakout
Preference:
The price is on an uptrend, it could continue to rise higher and breakout of pivot at 0.85701, the overlap resistance. Then it could rise to the 1st resistance at 0.86167, the overlap resistance.
Alternative scenario:
It might react off the pivot and fall to the 1st support at 0.85451, the overlap support that aligns with the 38.2% 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.