FX.co ★ GBPUSD, H4| React off resistance?

The GBP/USD pair is currently displaying a bearish trend, suggesting a likelihood for continued bearish momentum, particularly as the price is beneath a crucial descending trend line. The initial support level is at 1.2378, known as a multi-swing low support, suggesting it could serve as a robust barrier against further drops in price. A secondary support level is at 1.2344, recognized as a swing low support, representing a point that could potentially halt further price decline. If the price attempts to counter its current downward trajectory, it may face resistance at 1.2436, an overlap resistance level that could obstruct upward price movements. Another significant resistance level is at 1.2468, recognized as a multi-swing high resistance, indicating its potential to act as a barrier for price increases.