FX.co ★ GBPUSD, H4 | Reacting off the resistance level?

The GBP/USD chart shows bearish momentum with the price below a major descending trend line, implying potential downward movement. A scenario envisions a bearish reaction from the 1st resistance towards the 1st support. Notably, the 1st support at 1.2624 and the 2nd support at 1.2547 have historical significance as swing lows. On the upside, the 1st resistance at 1.2724 aligns with the 78.60% Fibonacci Retracement, while the 2nd resistance at 1.2796 represents significant levels for potential price reactions.