GBPJPY H1 | Bearish Reversal
Title
GBPJPY H1 | Bearish Reversal
Type
Bearish Reversal
Preference:
The price is moving towards the pivot level of 193.23, which acts as a pullback resistance close to the 50% Fibonacci retracement. A reversal at this level might cause the price to drop to the 1st support level at 190.33, an overlap support.
Alternative Scenario:
If the price breaks above the pivot, it could rise to the 1st resistance level at 195.72, which serves as a swing-high resistance.