Title
GBPJPY H4 | Bounce Off the 61.8% Fibo?
Type
Bullish Reversal
Preference:
The price is approaching the pivot level at 188.96, a pullback support close to the 38.2% Fibonacci retracement. A bounce from this level could lead the price to rise toward 1st resistance at 189.92, a pullback support that aligns close to the 61.8% Fibonacci retracement.
Alternative Scenario:
If price breaks below the pivot, it could fall toward 1st support at 188.44, a pullback support that aligns with the 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.