Title
GBPUSD H1 | Bearish Drop toward the support
Type
Bearish Reversal
Preference:
The price is falling from the pivot level at 1.3009, a multi-swing high resistance. A reversal from this level could lead the price toward the 1st support at 1.2976 a pullback support that aligns close to the 61.8% Fibonacci retracement
Alternative Scenario:
If price breaks above the pivot, it could rise toward the 1st resistance at 1.3043, aligning with the 161.8% Fibonacci extension.
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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.