Title
GBPUSD H4 | Bullish reversal off Fibonacci confluence
Type
Bullish reversal
Preference:
The price has reacted off the pivot at 1.3120, a pullback support that aligns with the 161.8% Fibonacci extension and the 78.6% Fibonacci projection. A reversal at this level could lead the price toward the 1st resistance at 1.3268, an overlap resistance that is slightly below the 50% Fibonacci retracement.
Alternative Scenario:
If the price breaks below the pivot, it could fall toward the 1st support at 1.3007, a support level that aligns with the 100% Fibonacci projection.
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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.