FX.co ★ GBPUSD H4 | Breaking off 1st support?

The GBP/USD chart currently exhibits bearish momentum, indicating a potential drop from the 1st support at 1.23979, which aligns with the 38.20% Fibonacci Retracement level. The 2nd support at 1.23185, corresponding to the 61.80% Fibonacci Retracement level, reinforces its significance as a potential support zone. On the resistance side, the 1st resistance at 1.2499, coupled with the 127.20% Fibonacci Extension level, could act as a barrier to further upward movement. Overall, there's a bearish bias with potential support at the 1st and 2nd support levels, and resistance at the 1st resistance level.