Title
GBPUSD H4 I Bullish Bounce Off the 50% Fib
Type
Bullish Reversal
Preference:
The price is trading near the pivot level at 1.3396, a pullback support that aligns closely with the 50% Fibonacci retracement. A bounce off this level could lead the price toward the 1st resistance at 1.3479, an overlap resistance
Alternative Scenario:
If the price breaks above the pivot, it could rise toward the 1st resistance at 1.1575, an overlap resistance.
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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.