Title
GBPUSD H4 I Bearish Continuation
Type
Bearish Reversal
Preference:
The price is rising towards the pivot level at 1.2371, a pullback resistance that aligns with the 38.2% Fibonacci retracement. A breakout above this level could lead the price to rise further towards the 1st resistance at 1.2484, an overlap resistance.
Alternative Scenario:
If the price fails to break above the pivot, it may reverse and drop back towards the 1st support at 1.2239, a swing-low 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.