Title
GBPJPY H4 | Bullish bounce off 23.6% fibo?
Type
Bullish Bounce
Preference:
Price could fall to our pivot point at 186.84, which is a pullback support, aligning with the 23.6% fibo retracement and 100% fibo projection. Price could bounce off from here, to rise towards the 1st resistance at 187.55, which is a multi-swing resistance level.
Alternative scenario:
If price breaks below the pivot point, then price could fall to our 1st support at 186.27, which is a swing low support level.
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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.