Title
GBPUSD H4 | Rising into Resistance
Type
Bullish reversal
Preference:
The price is falling towards the pivot level of 1.2975, which is a pullback support A reversal off this level could cause the price to rise to the 1st resistance at 1.3033, a pullback resistance close to 161.8% Fibonacci extension
Alternative Scenario:
If the price breaks below the pivot, it may fall to the 1st support at 1.2915, 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.