Title
GBPCAD H4 I Potential Bullish Reversal
Type
Bullish Bounce
Preference:
The price is falling towards the pivot level of 1.7972, which is an overlap support that aligns close to a 23.6% Fibonacci retracement. A reversal off this level could cause the price to rise to the 1st resistance at 1.8017, a multi-swing-high resistance.
Alternative Scenario:
If the price breaks below the pivot, it may fall to the 1st support at 1.7944, a swing-low support.
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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.