GBPCAD, H4 | Potential Bullish Continuation

39642 gbpcad h4 potential bullish continuation

Type: Bullish BounceKey Levels:Resistance: 1.61977Pivot: 1.60998Support: 1.60349Preferred Case:On H4, price has bounced off Ichimoku indicator thus we have a bullish bias that price will continue to rise from our pivot at 1.60998 to 1st resistance swing high at 1.61977 and intermediate resistance at 1.61493 in line with 50% fibonacci retracement. Ascending trendline on RSI further supports our bullish bias.Alternative Scenario:Price may reverse from 1st support at 1.60349 in line with 78.6% Fibonacci projection and 38.2%fibonacci retracement.

Source: Tickmill

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