Title
EURGBP H4 | Bullish breakout
Type
Bullish Breakout
Preference:
EURGBP is rising towards the pivot point at 0.862, the pullback resistance. It might break out of pivot point and continue to rise to the 1st resistance at 0.86472, the overlap resistance aligning with the 50% Fibonacci retracement level.
Alternative scenario:
The price might reverse and fall to the 1st support at 0.85831, the swing low suppport.
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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.