FX.co ★ GBPUSD Potential For Bullish Bounce | 27th April 2022

On the H4 timeframe, price is moving towards the descending trendline. We have a bullish bias that price will rise from 1st support level of 1.25696 which lines up with -61.8% fibonacci expansion towards the 1st resistance level of 1.27677 which lines up with 61.8% fibonacci projection and 38.2% fibonacci retracement. Alternatively, price might break the key support level and trigger a dip towards the 2nd support level of 1.24566 which is a horizontal pullback support and also 15th June 2020 low.

Trading Recommendation

Entry: 1.25696

Reason for Entry: -61.8% fibonacci expansion

Take Profit: 1.27677

Reason for Take Profit: 38.2% fibonacci retracement.

Stop Loss: 1.24566

Reason for Stop Loss:

horizontal pullback support and also 15th June 2020 low.