Title
EURGBP H4 | Bouncing off Fibo level
Type
Bullish Bounce
Preference:
EURGBP is bouncing off the pivot point at 0.85884, the pullback support that aligns with the 78.6% Fibonacci level. The price could continue to rise to 1st resistance at 0.8647, the overlap resistance level.
Alternative scenario:
The price could pull back and break through the pivot point at 0.85884, and fall to the 1st support at 0.85528, the multi-swing low support.
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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.