Title
GBPUSD H$ | Bouncing off support level?
Type
Bullish Bounce
Preference:
The price has just bounced off the pivot point at 1.2375, which is a multi-swing low support level. A bounce from this level could lead the price to rise toward the 1st resistance at 1.24059, which is an overlap resistance.
Alternative scenario:
However, if the price breaks below the pivot, it might decline to the 1st support at 1.23225, a swing low support level.
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Source: Tickmill