FX.co ★ GBPUSD H4 | Bearish reaction off resistance?

The GBP/USD chart currently exhibits an overall bearish momentum with price trading within the bearish descending channel. There is a potential for price to make a bearish reaction off the 1st resistance level and fall towards the 1st support level.

The 1st resistance level at 1.2259 is identified as a pullback resistance. Beyond this, the 2nd resistance level at 1.2309 is also noted as a pullback resistance that aligns with a confluence of Fibonacci levels i.e. the 23.60% retracement and the 38.20% retracement levels.

To the downside, the 1st support level at 1.2123 is identified as a pullback support. Additionally, the 2nd support level at 1.2064 is noted as a pullback support.