Title
GBPJPY H4 | Bullish Bounce
Type
Bullish Bounce
Preference:
The price is falling towards the pivot level of 193.29, which serves as a pullback support. A bounce from this pivot could lead to a rise to the 1st resistance level at 196.61, an overlap esistance close to the 127.20% Fibonacci extension
Alternative Scenario:
If the price falls through this level, it might drop to the 1st support at 190.38, which is an overlap support.
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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.