GBPJPY H4 | Falling towards pullback support
Title
GBPJPY H4 | Falling towards pullback support
Type
|Bullish bounce
Preference
The price is falling towards the pivot at 209.54, a pullback support. A bounce at this level could lead the price toward the 1st resistance at 211.85, an overlap resistance that aligns with the 61.8% FIbonacci retracement.
Alternative Scenario
If the price breaks below the pivot, it could fall toward the 1st support at 207.73, which is a pullback 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.