FX.co ★ GBPUSD Potential for Bearish Momentum | 7th November 2022

On the H4, price is reversing from the 2nd support and stoch is rising to the resistance, we can expect the price break the 1st resistance at 1.14120, which is in line with the 50% fibonacci retracement and overlap resistance and rise to the 2nd resistance at 1.16447, which is in line with the swing high. Alternatively, the price may drop to the 1st support at 1.12547, which is in line with the 61.8% fibonacci retracement. If the 1st support is broken, the 2nd support is at 1.11261, where the swing low is.

Trading Recommendation

Entry: 1.14120

Reason for Entry:

50% fibonacci retracement and overlap resistance

Take Profit: 1.16447

Reason for Take Profit:Swing high

Stop Loss:1.12547

Reason for Stop Loss:

61.8% fibonacci retracement