Title
GBPUSD | Bearish Breakout
Type
Bearish Reversal
Preference:
The price is falling toward the pivot level at 1.2684. A bearish breakout from this level could drop the price toward the 1st support at 1.2620, a pullback support that aligns with the 61.8% Fibonacci retracement.
Alternative Scenario:
If price bounces off the pivot, it could rise toward the 1st resistance at 1.2740, a pullback resistance.
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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.