Title
GBPJPY M15 | Falling from the pullback resistance
Type
Bearish Reversal
Preference:
The price is nearing the pivot level at 193.88, a pullback resistance. A reversal from this level could drive the price toward the 1st support at 193.10, a pullback support level that aligns close to the 61.8% Fibonacci retracement.
Alternative Scenario:
If the price breaks above the pivot, it may rise towards the 1st resistance at 194.69, 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.