GBPUSD, H4 is reversing from our Pivot point, potential for a dr

Description:
Price is reversing from our Pivot point at 1.34242, which is in line with our 61.8%, 78.6% Fibonacci retracement and horizontal graphical overlap area. We could potentially see price drop from this level, towards our 1st support level at 1.33077 in line with 127% fibonacci extension and 61.8% fibonacci retracement. It is worth noting that price is currently trending below a descending trendline and is currently under the EMA (55) in line with our bearish analysis.

Pivot: 1.34242
Why we like it:
61.8%, 78.6% Fibonacci retracement and horizontal graphical overlap area

1st Support: 1.33077
Why we like it:
127% fibonacci extension and 61.8% fibonacci retracement.

1st Resistance: 1.34962
Why we like it:
61.8% fibonacci extension and 88% fibonacci retracement

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