Type:
Bullish Rise

Key Levels:
Resistance: 1.2287
Pivot: 1.2157
Support: 1.2077

Preferred Case:
On the H4, with price moving above the ichimoku indicator and within the ascending channel , we have a bullish bias that price will rise from the pivot at 1.2157 where the pullback support and 50% fibonacci retracement are to the 1st resistance at 1.2287 in line with swing high resistance, 78.6% fibonacci retracement and 61.8% fibonacci projection .

Alternative Scenario:
Alternatively, price could break pivot structure and drop to 1st support at 1.2077 where the pullback support, 78.6% fibonacci retracement and 78.6% fibonacci projection are.

Fundamentals:
The UK’s Prelim GDP q/q and GDP m/m are anticipated to show a decline in economic activity. This gives us a bearish view on GBPUSD . We’ll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.