Type: Bearish BreakoutKey Levels:Resistance: 1.19183Pivot: 1.1878Support: 1.17651Preferred Case:On the H4, with prices moving below the ichimoku indicator and within the descending channel, we have a bearish bias that price will drop to our pivot at 1.1878 where the pullback support and 38.2% fibonacci retracement are. Once there is downside confirmation of price breaking pivot structure, we would expect bearish momentum to carry price to our 1st support at 1.17651 where the 61.8% fibonacci projection and 161.8% fibonacci extension are.Alternative Scenario:Alternatively, price could rise to 1st resistance at 1.19183 in line with the pullback resistance.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/gbpusd-h4-or-potential-bearish-drop13"
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