FX.co ★ GBP/JPY H4 | Potential bearish reversal

GBP/JPY: here's the analysis for a potential bearish reversal:

Description: The chart indicates a potential bearish reversal, with significant support and resistance levels identified.

Resistance Levels:

The 1st resistance level is at 189.97, identified as "An Overlap resistance." This level suggests a historical area where the price has faced resistance.

The 2nd resistance level is located at 191.02, also marked as "An Overlap resistance." Similar to the 1st resistance level, this zone represents another historical area where the price has encountered selling pressure.

Support Levels:

The 1st support level is observed at 188.90, characterized as "An Overlap support." This level represents a historical low point where the price has found support.

The 2nd support level is identified at 188.20, marked as "An Overlap support." This level suggests another historical area where the price has found support.