Title
GBPUSD H4 | Bearish Move Towards Support
Type
Bearish Reversal
Preference:
The price is rising toward the pivot level at 1.24215, a pullback resistance. A reversal from this level could expect a further decline toward the 1st support at 1.22977, a pullback support that aligns with the 78.6% Fibonacci level
Alternative Scenario:
If the price breaks above the pivot,, it could push higher toward the 1st resistance at 1.25033, 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.