GBPUSD Bearish Dip | 31st Mar 2022

On the H4, prices are on bearish momentum and abiding by a descending trendline. We see the potential for a dip from our 1st resistance at 1.31576 which is a graphical overlap and in line with 38.2% Fibonacci retracement towards our 1st support at 1.30509 in line with 127.2% Fibonacci Projection. Prices are trading below our ichimoku clouds, further supporting our bearish bias. Alternatively, breaking the 1st resistance at 1.31576 in line with 38.2% Fibonacci retracement will call for further bullish continuation towards our 2nd resistance at 1.31825 in line with 50% Fibonacci retracement.

Trading Recommendation

Entry: 1.30509

Reason for Entry:

127.2% Fibonacci ProjectionTake Profit: 1.31576

Reason for Take Profit:Graphical overlap and in line with 38.2% Fibonacci retracement

Stop Loss: 1.31825

Reason for Stop Loss:

50% Fibonacci retracement