FX.co ★ GBPUSD Bullish Bounce | 4th Apr 2022

On the H4, prices are abiding by an ascending trendline support. We see the potential for a dip from our 1st resistance 1.31152 at 23.6% Fibonacci retracement towards our ascending trendline support. Breaking our ascending trendline support will find prices dipping towards our 1st support at 1.30558 in line with 61.8% Fibonacci retracement. Our bearish bias is further supported by prices trading below our Ichimoku cloud resistance. Alternatively, prices may climb towards our 2nd resistance at 1.31622 in line with our graphical swing high.

Trading Recommendation

Entry: 1.31152

Reason for Entry:

23.6% Fibonacci retracement

Take Profit: 1.30558

Reason for Take Profit:61.8% FIbonacci retracement

Stop Loss: 1.31622

Reason for Stop Loss:

Graphical swing high