Title
GBPUSD H4 | Potential bearish reversal?
Type
Bearish Reversal
Preference:
Price is approaching our pivot point of 1.27405 which is a multi swing high resistance that aligns with 61.8 % Fibo retracement. A reverse from here, price could fall to 1st support at 1.26725
Alternative scenario:
However, if price breaks above the pivot, it could push to 1st resistance at 1.28189 which is a swing high resistance 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.