Title
GBPUSD 4H | Bullish Continuation
Type
Bullish Reversal
Preference:
The price is currently trading above the pivot level at 1.23740, indicating potential bullish momentum. A continuation of this move could drive the price toward the 1st resistance at 1.24852, which aligns with a key Fibonacci level and an overlap resistance zone.
Alternative Scenario:
If the price drops below the pivot, it may fall toward the 1st support at 1.22976, a strong overlap support level that aligns with the 505 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.