Title
GBPUSD, H4 | Bounce from swing low support?
Type
Bullish Bounce
Preference:
Price has started to bounce really nicely on GBPUSD at the 1.1924 level which is a multiple swing low support. There's a chance price might make a bounce up towards our 1st resistance level at 1.2134 which is a multiple swing high resistance.
Alternative scenario:
If price were to break the pivot level, though, then the next key support level we're looking at is at 1.1837 which is 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.