Title

GBPJPY H4 | Bounce Off the 50% Fibo

Type

Bullish  Reversal 

Preference:

The price is falling toward the pivot level at 193.31, a pullback support that aligns close to the 50% Fibonacci retracement. A bounce off this level could lead the price toward the 1st resistance at 195.72, a multi-swing high resistance

Alternative Scenario:

If price breaks below the pivot, it could fall toward the 1st support at 191.16, an overlap support