GBPUSD plunged below the daily pivot point.

Posted On 29 Feb 2016

Tag: AUDUSD, EURUSD, GBPUSD, USDCHF, USDJPY

	EURUSD	H4
Resistance	1.1026	1.1125	1.1183
Support	1.0870	1.0812	1.0713
Primary Scenario	EURUSD has breached the key support level at 1.0969 (daily pivot). Should the pair manage to extend its momentum, it will target the forthcoming support level at 1.0870 and then lower at 1.0812.
Alternative Scenario	A correction course above the daily pivot would lift the exchange rate towards the resistance at 1.1026.

	GBPUSD	H4
Resistance	1.3987	1.4109	1.4176
Support	1.3798	1.3731	1.3609
Primary Scenario	The pair plunged below the daily pivot point at 1.3920. Further drop of the market will lead GBPUSD down to 1.3798 and then lower at 1.3731.
Alternative Scenario	Alternatively, a higher thrust of the market above the daily pivot will fuel the pair to retest the hurdle in line at 1.3987.

	USDCHF	H4
Resistance	1.0008	1.0057	1.0126
Support	0.9890	0.9821	0.9772
Primary Scenario	USDCHF is now negotiating above the daily pivot (0.9939). A bounce up from current levels would fuel the pair to hit the resistance level at 1.0008 and further up to 1.0057.
Alternative Scenario	A comeback of the currency pair will push prices to find support at the daily pivot and even lower at 0.9890.

	USDJPY	H4
Resistance	112.96	113.45	113.97
Support	112.70	112.04	111.34
Primary Scenario	The pair topped up at 113.97, before retracing below the Kumo. A break back below the support at 112.70 will open the way down to 112.04.
Alternative Scenario	On the other hand, a surge of USDJPY above the key barrier at 112.96, would trigger the market towards 113.45.

	AUDUSD	H4
Resistance	0.7213	0.7303	0.7351
Support	0.7074	0.7027	0.6936
Primary Scenario	A strong bearish movement led AUDUSD below the daily pivot at 0.7165. If the bears manage to take control of the bulls, the next support is seen at 0.7074 and then lower at 0.7027.
Alternative Scenario	An upward wave will generate strength for the market to surpass the daily pivot, with immediate target the resistance at 0.7213.

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Source:: GBPUSD plunged below the daily pivot point.

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