Title

GBPUSD H4  | Bullish Bounce 

Type

Bullish Bounce

Preference:

The price is falling toward the pivot level of 1.2886, which acts as a pullback support close to 127.2% Fibonacci extension.  A reversal at this level could cause the price to rise to the 1st  resistance at 1.3033, an overlap resistance.

Alternative Scenario:

 If the price breaks below the pivot, it may drop to the 1st support level at 1.2724, an overlap support level.