Title
GBPUSD H1 I Bearish Reversal
Type
Bearish Reversal
Preference:
The price is moving up towards the pivot level of 1.2954, which acts as pullback resistance close to 50% Fibonacci retracement. A reversal at this level could cause the price to drop to 1st support at 1.2911, a swing-low support level.
Alternative Scenario:
If the price breaks above the pivot, it may rise to 1st resistance level at 1.3016, an overlap resistance level
Additionally, when the price remains below the Ichimoku cloud, it's typically seen as a strong bearish signal, indicating downward momentum.
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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.