Type: Bullish BounceKey Levels:Resistance: 157.714Pivot: 156.001 Support: 155.443Preferred Case:Prices are on bullish momentum and abiding to an ascending trendline. We see the potential for a bounce from our Pivot at 156.001 in line with ascending trendline support and 61.8% Fibonacci retracement towards our 1st resistance at 157.714 in line with 78.6% Fibonacci extension and 100% Fibonacci retracement. Prices are trading our Ichimoku cloud support, further supporting our bullish bias.Alternative Scenario:Alternatively, prices may dip towards our 1st support at 155.443 in line with 78.6% Fibonacci retracement.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/gbpjpy-h4-or-potential-for-bounce"
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