Title
GBPJPY H4 | Potential bullish breakout
Type
Bullish Breakout
Preference:
The price could continue to rise and break out of pivot at 187.493, the overlap resistance. From there it could rise to the 1st resistance at 188.317, the multi-swing high resistance that aligns with the 127.2% Fibonacci retracement.
Alternative scenario:
It might potentially reverse to the 1st support at 186.681, 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.