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Title
GBPUSD Potential for bearish drop towards overlap support
Type
Bearish Reversal
Preference:
Looking at the H4 chart, my bias for GBPUSD is bearish due to the price being below the Ichimoku cloud, indicating a bearish market.
Looking for a possible sell entry at the pivot here before price could head down towards the 1st support level where the 61.8% Fibonacci line is.
It's worth nothing that there is an intermediate support level here.
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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.