Title
GBPUSD H4 | Approaching pullback resistance
Type
Bearish Reversal
The price is moving up toward the pivot level of 1.2393, which acts as a pullback resistance. A reversal at this level could cause the price to drop to 1st support at 1.2245, an overlap support that aligns close to the 61.8% and 78.6% Fibonacci retracement.
Alternative Scenario:
If the price breaks above the pivot, it may rise to 1st resistance level at 1.2503, a swing-high 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.