BRITISH POUND Futures (6B1!), H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 1.2016
Pivot: 1.1894
Support : 1.1781
Preferred Case: On the H4, with the price moving below the ichimoku cloud and moving within the descending trend line , we have a bearish bias that the price may drop from the pivot at 1.1894, which is in line with the 78.6% fibonacci retracement to the 1st support at 1.1781, where the swing low is.
Alternative scenario: Alternatively, price may rise to the 1st resistance at 1.2016, which is in line with the 38.2% fibonacci retracement .
Fundamentals: the retail sales data (0.3%) was out today, which is higher than the expected and previous (-0.2%), which is a positive signal of economy, therefore we could expect the drop momentum decrease recently.
Resistance : 1.2016
Pivot: 1.1894
Support : 1.1781
Preferred Case: On the H4, with the price moving below the ichimoku cloud and moving within the descending trend line , we have a bearish bias that the price may drop from the pivot at 1.1894, which is in line with the 78.6% fibonacci retracement to the 1st support at 1.1781, where the swing low is.
Alternative scenario: Alternatively, price may rise to the 1st resistance at 1.2016, which is in line with the 38.2% fibonacci retracement .
Fundamentals: the retail sales data (0.3%) was out today, which is higher than the expected and previous (-0.2%), which is a positive signal of economy, therefore we could expect the drop momentum decrease recently.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results