Title
GBPUSD H4 | Potential Bullish Bounce Off
Type
Bullish Reversal
Preference:
The price is approaching the pivot level of 1.2657, an overlap support close to the 50% Fibonacci retracement. A Bounce from this level could cause the price to risel to 1st resistance at 1.2717, a pullback resistance.
Alternative Scenario:
If the price breaks below the pivot, it may fall to 1st support at 1.2583, a pullback 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.