GBPUSD H4 | Potential bounce off?

Based on the H1 chart analysis, we can see that price is falling to our buy entry at 2.3540 which lines up with a 38.2% Fibonacci retracement. Stop loss will be at 1.2498 which is an overlap support level that lines up with 61.8% Fibonacci retracement. Take profit will be at 1.2575 which is just before the resistance level.