FX.co ★ GBPUSD, H4 | Falling to 1st support?

he GBP/USD chart currently indicates a bullish overall momentum, suggesting that the price may potentially continue its upward trend towards the first resistance level.

The first support level is located at 1.2346 and is considered a strong level of potential support for the price. This level is an overlap support and coincides with the 23.60% Fibonacci retracement level, providing a solid level of potential support if the price were to decline.

In the event that the price drops further, the next potential support level is located at 1.2273. This level is also an overlap support and coincides with the 38.20% Fibonacci retracement level, which has previously acted as a support level for the price.

On the other hand, if the price continues to rise, the first resistance level is located at 1.2471. This level is a multi-swing high resistance and coincides with the 61.80% Fibonacci retracement level, indicating a robust potential resistance level for the price.