GBPJPY H4 | Bearish reversal off pullback resistance
Title
GBPJPY H4 | Bearish reversal off pullback resistance
Type
Bearish reversal
Preference
The price is rising toward the pivot at 212.01, which is a pullback resistance. A reversal from this level could lead the price toward the 1st support at 210.19, a pullback support that aligns with the 78.6% Fibonacci retracement.
Alternative Scenario
If the price breaks above the pivot, it could rise to the 1st resistance at 213.57, which is a pullback resistance.
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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.