Title
GBPJPY H4| Bullish Bounce Off the 61.8%
Type
Bullish reversal
Preference:
Price is currently testing the pivot level at 189.33, a pullback support close to the 61.8% Fibonacci retracement. A reverse from this level could lead the price to rise to 1st resistance at 190.69, a pullback resistance
Alternative Scenario:
If price breaks below the pivot, it could fall toward 1st support at 188.11, a pullback support close to 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.