GBP/JPY H4 | Bullish bounce off 38.2% Fibo?

Bullish Bounce

The current price is on the pivot level at 187.092, which is a pullback support and it also aligns with the 38.2% fibo retracement level at 187.121. Price could bounce off pivot level and towards the 1st resistance at 188.192, a pullback resistance. 

Alternative scenario:
Price could break pivot line and fall  to 1st support level at 185.815 a pullback support.

To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.