#GBPUSD, H4 approaching our Pivot point, potential for a long.
Description:
Price has bounced from our Pivot point at 1.38694, in line with 50% fibonacci retracement, 61.8% fibonacci extension, ascending trendline and horizontal graphical support. Where we could potentially see a bounce from our pivot towards our 1st resistance level at 1.39402, in line with 78.6% fibonacci retracement and horizontal swing high. Do note that price is trending above the ascending trendline in line with our bullish analysis.
Pivot: 1.38694
Why we like it:
50% fibonacci retracement, 61.8% fibonacci extension, ascending trendline and horizontal graphical support
1st Support: 1.38182
Why we like it:
88% fibonacci retracement, 127% fibonacci extension and horizontal swing low
1st Resistance: 1.39402
Why we like it:
78.6% fibonacci retracement and horizontal swing high
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