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.