#GBPUSD approaching pivot, potential for a bounce!
Description
Price is approaching pivot level of 1.3901, which is in line with 23.6% Fibonacci retracement level, 38.2% Fibonacci retracement level & horizontal overlap support. A reversal from this level may see price take resistance at price 1.404. This level coincides with -27.2%Fibonacci retracement level. Finally, we can expect price to take support at 1.3824938.2% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal pullback support . This is further supported by how price is now holding above the Ichimoku cloud support.
Pivot:
1.39010
Why we like it:
23.6% Fibonacci retracement level, 38.2% Fibonacci retracement level & horizontal overlap support
1st Support:
1.38249
38.2% Fibonacci retracement level, 78.6% Fibonacci retracement level & horizontal pullback support
1st Resistance:
1.40400
-27.2%Fibonacci retracement level
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