Title
GBPUSD M15 | Potential Bearish Reversal
Type
Bearish Reversal
Preference:
The price is approaching the pivot level of 1.2588, a pullback resistance close to the 61.8% Fibonacci retracement, A reversal from this level could cause the price to fall to 1st support at 1.2531, a pullback support close to the 61.8% Fibonacci retracement,
Alternative Scenario:
If the price breaks above the pivot, it may rise to 1st resistance at 1.2636, a pullback resistance above the 78.6% 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.