Title

GBPUSD  H4 | Bullish Reversal

Type

Bullish Reversal

Preference:

price has just bounced off the pivot of 1.3058, an overlap support close to the 50% Fibonacci retracement.  A bounce from this level could lead the price to rise to 1st resistance at 1.3159, an overlap resistance close to the 23.60% Fibonacci retracement.

Alternative Scenario:

If price breaks below the pivot, it could drop to 1st support at 1.2947, an overlap support close to the 61.80% Fibonacci retracement.