FX.co ★ GBPUSD ,H4 | Falling to a support level?

There is a possibility of the price continuing its bearish movement towards the 1st support level at 1.2678, which is an overlap support. Additional support is found at the 2nd support level at 1.2544, acting as a pullback support and aligning with the 61.80% Fibonacci Retracement.

On the upside, the 1st resistance level at 1.2771 is an overlap resistance, potentially hindering upward price advancement. Additionally, the 2nd resistance level at 1.2847 represents a swing high resistance, indicating the presence of the 61.80% Fibonacci Projection and the 145.00% Fibonacci Retracement, suggesting Fibonacci confluence.