EURGBP H4 | Bearish reversal off 61.8% fibo?

TitleEURGBP H4 | Bearish reversal off 61.8% fibo?TypeBearish ReversalPreference:Price is rising towards our pivot point at 0.8729, which is an overlap resistance, aligning with the 61.8% and 100% fibo projection. Based on Elliot Wave structure that has been plotted out, we have projected the final wave, wave 5 to have its last push to the upside before the major bearish reversal. Ideally, our first target would be the 1st support level at 0.8689, which is a pullback support level if price falls from our pivot point.Alternative scenario:If price breaks above our pivot point, then price could rise towards the 1st resistance at 0.8761, which is an overlap resistance,  slightly above the 78.6% fibo projection.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.