Title

GBPUSD H4 | Bullish Reversal

Type

Bullish Reversal

Preference:

The price is falling toward the pivot level of 1.2944, which acts as a pullback support close to 61.8% Fibonacci retracement. A reversal at this level could cause the price to rise to the 1st resistance at 1.3103, an overlap resistance.

Alternative Scenario:

If the price breaks below the pivot, it may drop to the 1st support level at 1.2813, an overlap support level close to 78.6% Fibonacci retracement.