Title
GBPUSD H4 | Potential reverse from 50% Fibo
Type
Bullish bounce
Preference:
Price is dropping to our pivot point at 1.25559 which is an overlap support that lines up with 50% Fibonacci retracement. A reverse from here price could rally to 1st resistance at 1.26401
Alternative scenario:
However, if it breaks below the pivot, it could drop to 1st support 1.24985 which is an overlap 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.