FX.co ★ GBPUSD Bullish Continuation | 22nd Mar 2022

On the H4 timeframe, prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for further bullish continuation from our 1st support at 1.31251 in line with 38.2% Fibonacci Retracement towards our 1st resistance at 1.31953 in line with 78.6% Fibonacci Projection. Ichimoku clouds are forecasting the bullish clouds, further supporting our bias. Alternatively, prices may dip towards our 2nd support at 1.30877 in line with 61.8% Fibonacci retracement.

Trading Recommendation

Entry: 1.31251

Reason for Entry:

38.2% Fibonacci Retracement

Take Profit: 1.31953

Reason for Take Profit:

78.6% Fibonacci ProjectionStop Loss: 1.30877

Reason for Stop Loss:

61.8% Fibonacci retracement