#GBPUSD, H4 break above our Pivot point, potential for a long.
Description:
Price has broken above our Pivot point at 1.40316, in line with 127% fibonacci retracement and 78.6% fibonacci extension. Where we could potentially see a further push from our pivot towards our 1st resistance level at 1.40950, in line with -27%, 161.8% fibonacci retracement and 100% fibonacci extension. Do note that MACD is above the 0 line, in line with our bullish analysis.
Pivot: 1.40316
Why we like it:
127% fibonacci retracement and 78.6% fibonacci extension
1st Support: 1.39691
Why we like it:
50% fibonacci retracement and horizontal graphical overlap
1st Resistance: 1.40950
Why we like it:
-27%, 161.8% fibonacci retracement and 100% fibonacci extension
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