Title
GBPUSD H4 I Potential bearish reversal
Type
Bearish reversal
Preference:
The price is rising toward the pivot at 1.3259, which is a pullback resistance that aligns with the 127.2% Fibonacci extension. A reversal at this level could lead the price toward the 1st support at 1.3141, a pullback support.
Alternative Scenario
If the price breaks below the pivot, it could fall to the 1st support at 0.8041, which is a pullback support that is slightly below the 23.6% Fibonacci retracement.
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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.