FX.co ★ GBPUSD, H4 | Potential Bullish Reversal?

The GBP/USD is currently displaying bearish momentum, suggesting a continuation towards the 1st support at 1.2541. This level is backed by a pullback nature and a significant Fibonacci confluence, which includes the 161.80% Fibonacci Extension and the 100% Fibonacci Projection. If the decline intensifies, the 2nd support awaits at 1.2468, another pullback support. On the flip side, should there be an upward move, the 1st resistance is set at 1.2619, acting as a pullback resistance, while the 2nd resistance is located at 1.2787, recognized for its multi-swing high resistance.