Title
GBPJPY H1 I Bullish Reversal?
Type
Bullish Reversal
Preference:
The price is falling toward the pivot level of 192.68, a pullback support close to the 50% Fibonacci retracement. A bounce off this level could cause the price to rise to the 1st resistance at 194.33, a swing-high resistance.
Alternative Scenario:
If the price breaks below the pivot, it may fall to 1st support at 191.66, a pullback support close to 78.6% Fibonacci retracement.
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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.