FX.co ★ GBPUSD Potential For Bearish Continuation | 4th July 2022

On the H4, with prices moving below the ichimoku indicator, we have a bearish bias that price will rise and drop from our 1st resistance at 1.21570 where the horizontal overlap resistance, 100% fibonacci projection and 50% fibonacci retracement are to our 1st support at 1.19313 where the horizontal swing low support and 78.6% fibonacci projection are. Alternatively, price could rise above 1st resistance structure and head to 2nd resistance at 1.24065 in line with the swing high resistance.

Trading Recommendation

Entry: 1.21570

Reason for Entry:

Horizontal overlap resistance, 100% fibonacci projection and 50% fibonacci retracement

Take Profit: 1.19313

Reason for Take Profit:Horizontal swing low support and 78.6% fibonacci projection

Stop Loss: 1.24065

Reason for Stop Loss:

Swing high resistance