Type: Bearish ReversalKey Levels:Resistance: 1.19745Pivot: 1.19338Support: 1.18223Preferred Case:On the H4, with prices moving below the ichimoku indicator and within the descending channel, we have a bearish bias that price will drop from our pivot at 1.19338 where the horizontal pullback resistance is to our 1st support at 1.18223 where the 161.8% fibonacci extension, -61.8% fibonacci expansion and 61.8% fibonacci projection are.Alternative Scenario:Alternatively, price could rise to 1st resistance at 1.19745 in line with the pullback resistance, 100% fibonacci projection and 38.2% fibonacci retracement.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/gbpusd-h4-or-potential-bearish-drop7"
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