Title
GBPJPY H4 | Bullish bounce off 23.6% fibo?
Type
Bullish Bounce
Preference:
Price could fall to our pivot point at 187.53, which is a pullback support level, aligning with the 23.6% fibo retracement. If price bounce off our pivot point, then we can expect price to rise towards the 1st resistance level at 188.55, which is a swing high resistance level.
Alternative scenario:
If price breaks below the pivot point, then price could fall to the 1st support at 186.89, which is a pullback support level, aligning with the 38.2% fibo 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.