FX.co ★ GBPUSD Bullish Continuation | 23rd Mar 2022

On the H4, prices are on bullish momentum and consolidating in an inverse head-and-shoulders pattern. Breaking the key graphical overlap will call for further bullish continuation from our 1st support at 1.32727 in line with 61.8% Fibonacci Retracement towards our 1st resistance at 1.33192 in line with 78.6% Fibonacci Retracement. Ichimoku clouds are forecasting the bullish clouds, further supporting our bias. Alternatively, prices may dip towards our 2nd support at 1.32107 which graphical overlap.

Trading Recommendation

Entry: 1.32727

Reason for Entry:

61.8% Fibonacci Retracement

Take Profit: 1.33192

Reason for Take Profit:

78.6% Fibonacci RetracementStop Loss: 1.32107

Reason for Stop Loss:

Graphical overlap