Title
EURGBP 4H | Bearish Continuation
Type
Bearish Reversal
Preference:
The price is rising toward the pivot level at 0.83575, a pullback resistance that aligns close to the 38.2% Fibonacci retracement. A reversal from this level could drive the price towards the 1st support at 0.83213, an overlap support.
Alternative Scenario:
If the price breaks above the pivot, it may rise towards the 1st resistance at 0.84043, which aligns with the 61.80% Fibonacci retracement level and a pullback 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.