GBPJPY H4 | Bullish bounce off 61.8% fibo?

Title
GBPJPY H4 | Bullish bounce off 61.8% fibo?

Type
Bullish Bounce

Preference:
Price is reacting to our pivot point at 182.91, which is a pullback support level, aligning with the 61.8% fibo retracement and 61.8% fibo projection. If price closes above the pivot point, then price could rise towards the 1st resistance at 184.19, which is a swing high resistance level.

Alternative scenario:
If price breaks below the pivot point, then price could fall to the 1st support at 181.67, which is a swing low support and 78.6% fibo retracement.

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

Source: Tickmill

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GBPJPY H4 | Bullish bounce off 61.8% fibo?

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