Title
GBPJPY H4 | Bullish bounce off 78.6% fibo?
Type
Bullish Bounce
Preference:
Price is approaching our pivot point at 182.79, which is an overlap support level, aligning with the 78.6% fibo retracement and 61.8% fibo projection. If price bounces off the pivot point, then price could head towards the 1st resistance at 183.88, which is a swing high resistance level and slightly below the 78.6% fibo retracement.
Alternative scenario:
If price breaks below the pivot point, then price could fall to the 1st support level at 181.75, which is an overlap support level, and at the 78.6% fibo 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.