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21.03.2023 08:55 AM
GBPUSD, H4 | Potential Bearish Reversal from key resistance?
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The momentum of the GBP/USD chart is bearish, indicating a possible drop from the 1st resistance level towards the 1st support level. The 1st support level at 1.2194 is a pullback support level that also coincides with a 23.60% Fibonacci retracement, while the 2nd support level at 1.2045 is also a pullback support level with a 50% Fibonacci retracement.

On the other hand, the 1st resistance level at 1.2287 is an overlap resistance level that may restrict any bullish movements. Moreover, the 2nd resistance level at 1.2440 is a significant swing high resistance level.

Dean Leo,
Analytical expert of InstaTrade
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