Title

GBPCAD H4 I Could Bearish Momentum Extend Further?

Type

Bearish reversal

Preference:

The price is rising towards the pivot at 1.8512, which is an overlap resistance that is slightly above the 38.2% Fibonacci retracement. A reversal from this level could lead the price toward the 1st support at 1.8337, an overlap support that aligns with the 78.6% Fibonacci retracement.

Alternative Scenario:

If the price breaks above the pivot, it could rise to the 1st resistance at 1.8632, which is an overlap resistance.