Title
GBP/USD H4 I Bounce off overlap support?
Type
Bullish Bounce
Preference:
If price breaks below the support we wait at our pivot point of 1.2438, which serves as a pullback resistance level. A reverse from this point could lead the price to drop to the 1st support at 1.2300, a pullback support level.
Alternative scenario:
However, if the price breaks above the pivot, it might rise to the 1st resistance at 1.2558, a multi-swin high resistance 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.