Title
GBPJPY H1 | Reacting off 50% Fibo
Type
Bearish Reversal
Preference:
Price is rising toward the pivot point of 191.80, a pullback resistance close to the 50% Fibonacci retracement level. A reversal from this level could lead the price to fall to 1st support level of 190.57, a multi-swing low support level.
Alternative scenario:
If the price breaks above the pivot, it could rise to 1st resistance at 192.95, above the 78.6% 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.