Title
GBPUSD H4 | Falling to 61.8% Fibo support

Type
Bullish Bounce

Preference:

Price is falling towards the pivot point of 1.26708 which is an overlap support that aligns with the 61.80% Fibonacci retracement level and could potentially reverse from here; we could see momentum carry price up to its 1st resistance at 1.27815 which is an overlap resistance that aligns with the 50.00% Fibonacci retracement level.

Alternative scenario:

If price breaks below the pivot point, it could hit the 1st support at 1.26064 which is a pullback support that aligns close to the 61.80% Fibonacci projection level.

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