Title
EURGBP H4 | Bearish reaction off pivot?
Type
Bearish Reversal
Preference:
Price is approaching our pivot point at 0.8686, which is a swing-high resistance key level, and it aligns with the 50% fibo retracement. Price could potentially have a bearish reaction off the pivot point to fall to the 1st support at 0.8648, which is a pullback support key level, and a 23.6% fibo retracement.
Alternative scenario:
If price breaks above the pivot point, there is a possibility that price would most likely rise to the 1st resistance, an overlap resistance key level and 61.8% fibo retracement, at 0.8729.
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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.