Title
GBPJPY H1 I Bearish Setup
Type
Bearish Reversal
Preference:
The price is currently approaching the pivot level at 195.15, a key pullback resistance zone that aligns close to 38.2% Fibonacci retracement. A reversal from this level could lead the price to fall towards the 1st support at 193.90, a multi-swing low level.
Alternative Scenario:
If the price breaks above the pivot, it may rise further towards the 1st resistance at 196.26, a significant resistance level aligning with the 61.8% 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.