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GBPCHF, H4 | Potential For Bullish Bounce!

33422 gbpchf h4 potential for bullish bounce

Type: Bullish BounceKey Levels:Resistance: : 1.24704Pivot: 1.23906Support: 1.23552Preferred Case:Prices are currently at our pivot at 1.23906 in line with daily ascending trendline, 100% Fibonacci extension and 61.8% Fibonacci retracement. We see the potential for a bounce from our Pivot towards our 1st resistance at 1.24704 in line with 38.2% Fibonacci Retracement. Our bullish bias is further supported by RSI being at levels where bounces previously occurred.Alternative Scenario:Alternatively, prices may dip towards our 1st support at 1.23552 in line with 127.2% Fibonacci extension and 78.6% Fibonacci retracement.

Source: Tickmill

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