Title
GBPJPY 1H | Bullish Continuation
Type
Bullish Reversal
Preference:
The price is falling toward the pivot level at 191.607 which aligns with the 150% Fibonacci retracement level. A bounce off this level could drive the price toward the 1st resistance at 193.009, an overlap resistance zone.
Alternative Scenario:
If the price drops below the pivot, it may decline towards the 1st support at 190.071, a swing low support zone.
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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.