Title
GBPJPY H4 | Bearish reversal
Type
Bearish Reversal
Preference:
The price could rise to the pivot at 188.776, the multi-swing high resistance, from the pivot it could potentially reverse to the 1st support at 187.505, the overlap support.
Alternative scenario:
The price could rise and break out of pivot and continue rising to 1st resistance at 189.447, the resistance that aligns with 127.2% Fibonacci extension.
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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.