Title
GBPUSD H4 | A bounce off support level
Type
Bullish Bounce
Preference:
Price is approaching our pivot point at 1.24237 which is a multi swing low support level. A bounce from here, price could rally to 1st resistance at 1.25057 which is a swing high resistance level.
Alternative scenario:
However, if price breaks below, it could fall to 1st support at 1.23537 which is aswing low support level.
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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.