GBPJPY H4 | Potential bullish bounce

Title
GBPJPY H4 | Potential bullish bounce

Type
Bullish Bounce

Preference:
The price is on a downtrend and could fall to the pivot point at 189.989, the pullback support that aligns closely with the 50% Fibonacci retracement. Price could bounce off the pivot and rise to the 1st resistance at 191.277, the swing-high resistance.

Alternative scenario:
Price could breakout of the pivot and fall to 1st support at 189.2, the swing-low support.

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 | Potential bullish bounce

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