GBPUSD H4 | Rising toward 1st resistance?

TitleGBPUSD H4 | Rising toward 1st resistance?TypeBullish BouncePreference:The price has just bounced off the pivot point at 1.23054, which aligns with the 127.2% Fibo extension level. A bounce from this level could lead the price to rally toward the 1st resistance at 1.23694, which is a pullback resistance.Alternative scenario:However, if the price breaks below the pivot, it might decline to the 1st support at 1.22648, which is just below  the 161.8% Fibo extensionTo discuss this trading idea, head over to Tickmill Traders Club where you can get direct access to our team of world-class analysts.