FX.co ★ GMTUSDT, Bearish Momentum | 9th May 2022

On the H4, with price expected to reverse off the Ichimoku cloud resistance, we have a bearish bias that price will drop from our 1st resistance at 2.77392 where the horizontal swing high resistance and 23.6% Fibonacci retracement is to our 1st support at 2649 in line with the 127.2% Fibonacci extension. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 2863 where the 61.8% Fibonacci retracement and horizontal pullback resistance is.

Trading Recommendation

Entry: 2761

Reason for Entry:

Horizontal pullback resistance and 23.6% Fibonacci retracementTake Profit: 2649

Reason for Take Profit: 127.2% Fibonacci extensionStop Loss: 2863

Reason for Stop Loss:

61.8% Fibonacci retracement and horizontal pullback resistance