Title
GBPUSD | Bearish Drop
Type
Bearish Reversal
Preference:
The price is moving toward the 1st support at 1.2613., which aligns with the 127.2% Fibonacci extension level. A reversal at this level could cause the price to fall toward 1st support at 1.2410, a pullback support level.
Alternative Scenario:
If the price breaks above the pivot level, it may rise toward the 1st resistance at 1.2730, an overlap 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.