FX.co ★ GBPUSD Potential For Bullish Continuation | 20th May 2022

On the H4, with price moving above the Ichimoku indicator, we have a bullish bias that price will rise from our 1st support at 1.23920 where the horizontal overlap support is to our 1st resistance at 1.25474 in line with the 61.8% Fibonacci projection. Alternatively, price may break 1st support structure and head for 2nd support at 1.23329 where the horizontal swing low support and 78.6% Fibonacci projection are.

Trading Recommendation

Entry: 1.23920

Reason for Entry:

Horizontal overlap support

Take Profit:1.25474

Reason for Take Profit:61.8% Fibonacci projection

Stop Loss: 1.23329

Reason for Stop Loss:

Horizontal swing low support and 78.6% Fibonacci projection