EURGBP H4 | Potential bullish bounce off
Title
EURGBP H4 | Potential bullish bounce off
Type
Bullish bounce
Preference
The price has bounced off the pivot at 8696, an overlap support that aligns with the 50% Fibonacci retracement. A bounce at this level could lead the price toward the 1st resistance at 0.8746, a pullback resistance that aligns with the 61.8% Fibonacci retracement.
Alternative Scenario
If the price breaks below the pivot, it could fall toward the 1st support at 0.8670, which is a pullback support that aligns with the 145% Fibonacci extension.
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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.