Title
GBPJPY H4 | Bearish reversal off 78.6% fibo?
Type
Bearish Reversal
Preference:
Price is rising towards our pivot point at 185.7, which is a swing high resistance level, slightly above the 78.6% fibo projection and 161.8% fibo extension. If price reacts bearishly, we can then expect price to fall to the 1st support at 184.25, which is a pullback support level.
Alternative scenario:
If price breaks above the pivot point, then price could rise towards the 1st resistance at 186.85, which is a major swing high resistance level.
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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.