FX.co ★ GBPUSD H4 | Reacting off resistance?

The GBP/USD chart shows bearish momentum, potentially continuing to the 1st support at 1.2121, a significant level coinciding with a swing low support and the 78.60% Fibonacci Retracement. The 2nd support at 1.2063 is a multi-swing low support. On the resistance side, the 1st resistance at 1.2224, an overlap resistance with the 50% Fibonacci Retracement, may impede bearish momentum. Similarly, the 2nd resistance at 1.2227 is an overlap resistance. An intermediate pullback support is noted at 1.2174, aligning with the 50% Fibonacci Retracement.