Title
GBPJPY H4 | Falling from the 61.8% Fibo?
Type
Bearish Reversal
Preference:
The price is approaching the pivot level at 190.98, a pullback resistance close to the 61.8 Fibonacci retracement. A reversal from this level could lead the price to fall toward 1st support at 189.12, an overlap support.
Alternative Scenario:
If price breaks above the pivot, it could rise toward 1st resistance at 192.61, a swing-low resistance.
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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.