GC1!, H4 | Potential Bearish Momentum

41092 gc1 h4 potential bearish momentum

Type: Bearish ReversalKey Levels:Resistance:1876.8 Pivot:1838Support: 1803.9Preferred Case:On the H4, with prices moving below the ichimoku indicator and within descending channel, we have a bearish bias that prices will drop from our pivot at 1838 where the horizontal pullback resistance and 50% fibonacci retracement are to our 1st support at 1803.9 in line with swing low support and 61.8% fibonacci projection.Alternative Scenario:Alternatively, price may break pivot structure and head for 1st resistance at 1876.8 in line with pullback resistance and 78.6% fibonacci retracement.

Source: Tickmill

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