Title
GBPUSD H4 | Bearish Reversal
Type
Bearish Reversal
Preference:
Price is rising toward the pivot of 1.2659. a pullback resistance close to 38.2% Fibo retracement. A reversal from this level could lead the price to fall to 1st support at 1.2607, a pullback support close to 161.8% Fibo extension.
Alternative scenario:
If price breaks above the pivot, it could rise to 1st resistance at 1.2743, an overlap resistance level.
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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.