Title
GBPUSD H1| Potential Reverse from key resistamce
Type
Bearish Reversal
Preference:
The price has reversed from our pivot at 1.22003, which is a resistance level formed by multiple swing highs. As a result, there is a possibility that it could drop towards our 1st support at 1.21079 which lines up with a 50% Fibonacci retracement.
Alternative scenario:
However, if the price were to break above the pivot, it could potentially reach 1st resistance level at 1.22721.
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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.