Title
GBPUSD H4 | Bullish Bounce?
Type
Bullish Bounce
Preference:
The price has bounced off the pivot level of 1.2691, an overlap support. A bounce off from this level could cause the price to rise to 1st resistance at 1.2831, a pullback resistance close to 61.8% Fibonacci retracement.
Alternative Scenario:
If the price breaks below the pivot, it may fall to 1st support at 1.2611, an overlap support.
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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.