GBPUSD, H4 | Potential For Reaction


Type: Bearish ReversalKey Levels:Resistance: 1.36251Pivot:1.35984Support: 1.3557Preferred Case:Prices are abiding to a bullish trendline and forming a potential double top. We see the potential for a reaction dip from our Pivot at 1.35984 in line with 61.8% Fibonacci extension towards our 1st support at 1.3557 in line with 38.2% Fibonacci retracement. RSI is at a level where dips previously occurred.Alternative Scenario:Alternatively, prices may climb towards our 1st resistance at 1.36251 in line with 78.6% Fibonacci retracement and 127.2% Fibonacci extension.

Source: Tickmill

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