BRITISH POUND FUTURES (6B1!), H1 Potential for Bearish Drop

british-pound-futures-(6b1!),-h1-potential-for-bearish-drop

Type : Bearish DropKey Levels:Resistance : 1.2335 Pivot: 1.2181 Support : 1.1950 Preferred Case: On the H1, price is moving below the ichimoku cloud and has recently broken out from the ascending trendline which gives us a bearish bias that prices will drop to the pivot at 1.2181 where the 100% fibonacci projection , 50% fibonacci retracement and swing low support are. Once there is downside confirmation that price has drop to pivot , we would expect bearish momentum to carry prices to 1st support at 1.1950 where the swing low support and 127.2% fibonacci extension are. Alternative scenario: Alternatively, price may rise to the 1st resistance level at 1.2335 in line with the swing high resistance, 100% fibonacci projection and 61.8% fibonacci retracement . Fundamentals: UK CPI y/y data was released at 9.1% and Core CPI at 5.9%, with the GBP strengthening through the session, giving us a weak bullish bias for the british pound.

Source: Tickmill

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