GBPJPY H4 | Bullish bounce off pivot?

TitleGBPJPY H4 | Bullish bounce off pivot?TypeBullish BouncePreference:Price is approaching the pivot point at 179.76, which is a multi-swing low key level. The 1st support is placed at 178.135, which aligns with the -27.2% fibo expansion and 145% fibo extension, this shows that there is fibo confluence. Once price bounce off the pivot, then price would rise till the 1st resistance at 181.571, which is at the 61.8% fibo projection.Alternative scenario:If price breaks below the pivot point, then price is most likely to fall to the 1st support.To discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.