#GBPUSD approaching pivot, potential for a drop!

Price is reacting below our pivot level at 1.3422 which is in line with 61.8% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap resistance. Price can potentially take support at 1.33524, which is in line with 100% Fibonacci extension level & horizontal swing low support. Alternatively, price may rise up to our resistance at 1.35406, which coincides with 78.6% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal overlap resistance . This is further supported by how price is now holding below the Ichimoku cloud resistance.

Pivot:
1.34220
Why we like it:
61.8% Fibonacci extension level, 38.2% Fibonacci retracement level & horizontal overlap resistance

1st Support:
1.33524
Rectangle
100% Fibonacci extension level & horizontal swing low support

1st Resistance:
1.35406
Rectangle
78.6% Fibonacci extension level, 50.0% Fibonacci retracement level & horizontal overlap resistance

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