Title
GBPUSD H4 | Bounce off support
Type
Bullish Bounce
Preference:
Price is currently near our pivot point of 1.26762. We are expecting a bounce off the support level, which is the pivot point, for price to head towards our 1st resistance at 1.27685. The 1st resistance is also supported by our 50% retracement level.
Alternative scenario:
However, if price breaks below our pivot point, price would head downwards to our 1st support at 1.25381
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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.