GBPUSD H4 | Bearish Reversal
Title
GBPUSD H4 | Bearish Reversal
Type
Bearish Reversal
Preference:
The price is moving towards the pivot level of 1.3396, 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 1.3359, an overlap support near the 61.8% Fibonacci retracement.
Alternative Scenario:
If the price breaks above the pivot, it could rise to the 1st resistance level at 1.3434, which serves as a swing-high resistance.