FX.co ★ GBPUSD, H4 | Potential bullish reversal?

The GBP/USD chart displays a bearish trend, driven by its position below a descending trend line. It may briefly rise to the 1st resistance at 1.2372 before falling towards the 1st support at 1.2309, which is a swing low support aligning with the 127.20% Fibonacci Extension. The 2nd support is at 1.2276, aligning with the 161.80% Fibonacci Extension. On the resistance side, the primary level is at 1.2372, with the 2nd resistance at 1.2417, emphasizing their importance.