Title
GBPJPY H4 | Bearish Drop from the 61.8% Fibo
Type
Bearish Reversal
Preference:
The price is rising toward the pivot level at 193.96, a pullback resistance that aligns close to the 61.8% Fibonacci retracement. A reversal from this level could lead the price toward the 1st support at 192.26, an overlap support.
Alternative Scenario:
If price breaks above the pivot, it could rise toward the 1st resistance at 194.92, a swing high resistance.
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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.