Type: Bearish BreakoutKey Levels:Resistance: 1.26603Pivot: 1.24587Support: 1.21639Preferred Case:On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will break the support structure at the pivot and drop from our pivot at 1.24587 in line with the 61.8% fibonacci projection to the 1st support at 1.21639 at the swing low.Alternative Scenario:Alternatively, price may bounce off the pivot and rise to the 1st resistance at 1.26603 in line with the 50% fibonaci retracement.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/gbpusd-h4-or-potential-bearish-momentum"
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