Title
EURGBP H4 I Potential Bearish Breakout
Type
Bearish Continuation
Preference:
The price is falling toward the pivot level at 0.8356, a potential breakout level. The strong bearish momentum could lead the price toward the 1st Support at 0.8313, a pullback support that aligns close to the 100.0% Fibonacci projection.
Alternative Scenario:
If price reverses off the pivot, it could rise toward the 1st Resistance at 0.8384, an overlap 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.