Title
GBPUSD H4 | Potential bounce off support level

Type
Bullish Bounce

Preference:

Price is falling towards our pivot point of 1.26815, which serves as a pullback support level. It aligns with both a 38.2% Fibonacci retracement and a 50% Fibonacci retracement, creating a Fibonacci confluence zone. A bounce off from here, price could rally to 1st resistance at 1.28261

Alternative scenario:
However, if it breaks below the pivot, it could fall to 1st support at 1.25965

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