GBPUSD H4 | Bullish Bounce
Title
GBPUSD H4 | Bullish Bounce
Type
Bullish Bounce
Preference:
The price is falling from the pivot level of 1.3031 which acts as an overlap support close to the 50% Fibonacci retracement. A bounce from this level might cause the price to rise to the 1st resistance level at 1.3118, an overlap resistance.
Alternative Scenario:
If the price breaks below the pivot, it may fall to the 1st support level at 1.2946, an overlap support close to the 61.8% Fibo retracement.