Title
GBPUSD H1 | Bounce off from support level
Type
Bullish Bounce
Preference:
Price is approaching our pivot point at 1.24461 which is an overlap support level that lines up with 50% Fibonacci retracement. A reverse from here it could rally to 1st resistance at 1.24958 which is swing high resistance level.
Alternative scenario:
However, if it breaks below the pivot, it could hit the 1st support at 1.23955 which is swing low support level.
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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.