Title
GBPUSD 4H | Bullish Continuation
Type
Bullish Reversal
Preference:
The price is falling toward the pivot level at 1.24672, an overlap support that aligns with the 23.6% Fibonacci retracement. A bounce from this level could drive the price toward the 1st resistance at 1.25664, an overlap resistance.
Alternative Scenario:
If the price drops below the pivot, it may decline towards the 1st support at 1.23711, which aligns with the 61.80% Fibonacci retracement level and a pullback support level.
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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.