Title
GBPUSD M30 | Potential bearish drop
Type
Bearish drop
Preference:
The price is reacting off the pivot at 1.3510, a pullback resistance. A reversal from this level could lead the price toward the 1st support at1.3470, an overlap support that is slightly above the 38.2% Fibonacci retracement.
Alternative Scenario:
If the price breaks above the pivot, it could rise toward the 1st resistance at 1.3533, a swing high 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.