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. If this bullish momentum continues, expect price to possibly continue heading towards the 1st resistance line at 1.22423, slightly above where the 61.8% Fibonacci line is. In an alternate scenario, price could possibly head back down towards the 1st support at 1.21123, where the 23.6% Fibonacci line is
Trading Recommendation
Entry: 1.21783
Reason for Entry: Buy stop entry for market structure break and to catch the bullish momentum
Take Profit: 1.24465
Reason for Take Profit:
2nd resistance line and liquidity hotspot area
Stop Loss: 1.21004
Reason for Stop Loss:
Recent swing low and slightly below where the 1st support is