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#GBPUSD is approaching pivot, potential for drop

Short
British Pound / U.S. Dollar (FX:GBPUSD)  
VantageMarkets Broker  
FX:GBPUSD   British Pound / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns GBPUSD gbpusdshort 14sep21
3
0
trendanalysis harmonicpatterns chartpattern gbpusd gbpusdshort 14sep21
Price is approaching pivot level at 1.38775 which is in line with 78.6% Fibonacci retracement level , 127.2% Fibonacci extension and ascending trendline support-turned-resistance. Price may potentially drop to support at 1.37260, in-line with 100% Fibonacci retracement and 78.6% Fibonacci extension level.
Alternatively, price may swing towards resistance at 1.39835 which is in line with 100% Fibonacci retracement and 161.8% Fibonacci extension level.

Pivot:
1.38775

Why we like it:
78.6% Fibonacci retracement level , 127.2% Fibonacci extension and ascending trendline support-turned-resistance

1st Support:
1.37260
100% Fibonacci retracement and 78.6% Fibonacci extension level

1st Resistance:
1.39835
100% Fibonacci retracement and 161.8% Fibonacci extension level

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