GBPUSD H4: Bearish outlook seen, reversal below 1.2170
On the H4 time frame, prices are approaching the resistance zone at 1.2170, in line with the Fibonacci confluence levels where we could see a reversal below this level. The 1.2170 resistance zone coincides with the graphical resistance zone, 38.2% Fibonacci retracement and 100% Fibonacci extension level. Prices are facing bearish pressure from the Ichimoku cloud as well.