Title
GBPJPY H4 | Potential bullish bounce
Type
Bullish Bounce
Preference:
The price could reverse to the pivot point at 188.246, the overlap support that alings with 38.2% Fibonacci retracement. It could bounce off the pivot and rise to the 1st resistance at 190.068, the swing-high resistance.
Alternative scenario:
Price could break out of the pivot and fall to the 1st support at 187.373, the overlap 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.