Title
GBPUSD H4 | A reverse from 38.2% Fibo
Type
Bearish Reversal
Price is nearing our pivot point at 1.25356 which is a multi swing high resistance that aligns with a 38.2% Fibonacci retracement. A reverse from here, price could fall to 1st support at 1.24482 which is a multi swing low support level.
Alternative scenario:
However, if price breaks above the pivot,. it could rally to 1st resistance at 1.25847 which is a pullback resistance 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.