Title
GBPUSD H4 | Rising towards resistance?
Type
Bullish Rise
Preference:
Price is currently at our pivot point of 1.2390, which serves as a pullback support that aligns with the 38.2% Fibo retracement. A reversal from this point could lead the price rise to the 1st resistance at 1.2479
Alternative scenario:
However, if the price breaks below the pivot, it might fall to the 1st support at 1.2300, which serves as a pullback support levelel
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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.