GBPUSD H4 | Bearish Reversal
Title
GBPUSD H4 | Bearish Reversal
Type
Bearish Reversal
Preference:
The price is moving up towards the pivot level of 1.3103, which acts as an overlap resistance close to 23.60% Fibonacci retracement. A reversal at this level could cause the price to drop to the 1st support at 1.3033, a multi swing low support.
Alternative Scenario:
If the price breaks above the pivot, it may rise to the 1st resistance level at 1.3170, an overlap resistance close to the 38.20% Fibonacci retracement.