Title
GBPNZD H1 | Overlap Support at 61.8% Fibonacci Retracement
Type
Bullish Bounce
Preference:
The price could fall toward the pivot level at 2.245, an overlap support that aligns close to the 50.0% Fibonacci retracement. A bullish bounce off this level could lead the price toward the 1st Resistance at 2.256, a pullback resistance that aligns close to the 78.6% Fibonacci retracement.
Alternative Scenario:
If price breaks below the pivot, it could fall toward the 1st Support at 2.239, a swing-low support.
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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.