GBPUSD Potential for Bullish Continuation | 14th December 2022

Looking at the H4 chart, my overall bias for GBPUSD is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. Expecting price to head back up to possibly continue heading towards the 1st resistance at 1.26669, where the previous swing high is. In an alternative scenario, price could possibly head back down to retest the 1st support at 1.22770, where the previous swing high is.

Trading Recommendation

Entry: 1.22770

Reason for Entry:

Retest 1st support level

Take Profit: 1.26669

Reason for Take Profit:1st resistance line

Stop Loss: 1.21062

Reason for Stop Loss:

Previous swing low