Title
EURGBP H4 | Falling to 38.2% Fibo support

Type
Bullish Bounce

Preference:

Price is falling towards the pivot point of 0.86333 which is an overlap support that aligns with the 38.2% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 0.86746 which is a pullback resistance that aligns with the 61.8% Fibonacci retracement level.

Alternative scenario:

If price breaks below the pivot point, it could hit the 1st support at 0.86134 which is an overlap support that aligns with the 50.0% Fibonacci retracement level.

To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.