Title
GBPJPY H4 | Bullish bounce
Type
Bullish Bounce
Preference:
The price is bouncing off the pivot point at 185.977, which is a pullback support that aligns closely with the 78.6% Fibonacci retracement level. From there, price might bounce and rise to 1st resistance at 188.183, the swing-high resistance
Alternative scenario:
It might pullback and reverse to the 1st support level at 184.034, the pullback 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.