Title
GBPUSD | Bullish Reversal
Type
Bullish Reversal
Preference:
Price has just bounced off to the pivot of 1.2724, a multi-swing low support close to 161.8% Fibonacci extension. A bounce from this level could lead the price to rise to 1st resistance at 1.2811, a pullback resistance.
Alternative Scenario:
If price breaks below the pivot, it could fall to 1st support at 1.2673, which is an overlap 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.