FX.co ★ GBPUSD Potential For Bullish Bounce | 26th April 2022

On the H4 timeframe, price is moving towards the descending trendline. We have a bullish bias that price will rise from 1st support level of 1.27058 which lines up with 100% fibonacci projection towards the 1st resistance level of 1.29752 which lines up with 61.8% fibonacci projection. Alternatively, price might break the 1st support level and trigger a dip towards the 2nd support level of 1.26020 which lines up with -61.8% fibonacci expansion.

Trading Recommendation

Entry: 1.27058

Reason for Entry: 100% fibonacci projection

Take Profit: 1.29752

Reason for Take Profit: 61.8% fibonacci projection.

Stop Loss: 1.26020

Reason for Stop Loss:

-61.8% fibonacci expansion.