Description :
Looking at the H4 chart, my overall bias for GBPUSD is slightly bullish even though the current price is below the Ichimoku cloud, expecting the price to go down to retest at the overlap support. Looking for a buy entry at 1.19308 where the overlap support and 78.6% Fibonacci line is. Take profit will be at 1.20644, where the recent swing high is. Stop loss will be at 1.17855, where the recent swing low is.
Trading Recommendation
Entry: 1.19308
Reason for Entry: overlap support and 78.6% Fibonacci line
Take Profit: 1.20644
Reason for Take Profit:
Recent swing high + 61.8% Fibonacci line
Stop Loss:1.17855
Reason for Stop Loss:
Recent swing low