GBPUSD H4 | Bearish Reversal
Title
GBPUSD H4 | Bearish Reversal
Type
Bearish Reversal
Preference:
The price is moving towards the pivot level of 1.3320, which acts as a pullback resistance close to the 38.2% Fibonacci retracement. A reversal at this level might cause the price to drop to the 1st support level at 1.3240, an overlap support close to the 161.8% Fibonacci extension.
Alternative Scenario:
If the price breaks above the pivot, it could rise to the 1st resistance level at 1.3423, which serves as a multi swing high resistance.