Title
GBPJPY H4 | Overlap Support at 23.6% Fibonacci Retracement

Type
Bullish Bounce

Preference:
Price is falling towards the pivot point of 189.19 which is an overlap support that aligns with the 23.6% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 193.32 which is a pullback resistance level.

Alternative scenario:
If price breaks below the pivot point, it could hit the 1st support at 186.40 which is a pullback support that sits below the 38.2% Fibonacci retracement level.

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