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#GBPUSD approaching pivot, potential for a drop!

Short
British Pound / U.S. Dollar (FX:GBPUSD)  
VantageMarkets Broker  
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns
9
1
trendanalysis harmonicpatterns chartpattern

Description

Price is reacting below our pivot level at 1.37517 which is in line with 61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance. Price can potentially take support at 1.37517, which is in line with 61.8% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 1.38454, which coincides with 78.6% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.

Pivot:
1.37517

Why we like it:
61.8% Fibonacci retracement level, 100% Fibonacci extension level & horizontal overlap resistance

1st Support:
1.37517
61.8% Fibonacci extension level & horizontal swing low support

1st Resistance:
1.38454
78.6% Fibonacci retracement level, 161.8% Fibonacci extension level & horizontal overlap resistance
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