Title
GBPJPY H1 | Bullish Bounce-Off
Type
Bullish Reversal
Preference:
The price is falling toward the pivot level at 189.11, a pullback support. A bounce from this level could push the price toward the 1st resistance at 189.99, a pullback resistance that aligns with the 61.8% Fibonacci retracement and the 100% Fibonacci projection, forming a strong Fibonacci confluence where price could find support.
Alternative Scenario:
If price breaks below the pivot, it could fall toward 1st support at 188.20, 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.