#GBPUSD approaching pivot, potential for further downside
Price is approaching pivot level at 1.37015 which is in line with 23.6% Fibonacci retracement level , 61.8% Fibonacci extension and horizontal overlap resistance. Price may potentially drop to support at 1.36017 which is in-line with 100% Fibonacci retracement, 78.6% Fibonacci extension level and horizontal overlap support. MACD is also indicating bearish momentum for further downside.
Alternatively, price may swing towards resistance at 1.37730 which is in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension level.
Pivot:
1.37015
Why we like it:
23.6% Fibonacci retracement level, 61.8% Fibonacci extension and horizontal overlap resistance
1st Support:
1.36017
100% Fibonacci retracement, 78.6% Fibonacci extension level and horizontal overlap support
1st Resistance:
1.37730
61.8% Fibonacci retracement and 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.
Alternatively, price may swing towards resistance at 1.37730 which is in line with 61.8% Fibonacci retracement and 78.6% Fibonacci extension level.
Pivot:
1.37015
Why we like it:
23.6% Fibonacci retracement level, 61.8% Fibonacci extension and horizontal overlap resistance
1st Support:
1.36017
100% Fibonacci retracement, 78.6% Fibonacci extension level and horizontal overlap support
1st Resistance:
1.37730
61.8% Fibonacci retracement and 78.6% Fibonacci extension level
Trading FX & CFDs carries high risk.
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