Title
GBPUSD 4H | Bearish Reversal
Type
Bearish Trend
Preference:
The price is currently trading below the Ichimoku cloud and the pivot level at 1.23729, indicating potential bearish momentum. A continuation of this move could drive the price toward the 1st support at 1.22409, which aligns with a strong overlap support zone.
Alternative Scenario:
If the price breaks above the pivot level, it may rise towards the 1st resistance at 1.2487, a pullback resistance that aligns close to 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.