FX.co ★ GBPUSD Potential For Bullish Bounce | 17th May 2022

On the H4, with price moving below the Ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 1.23802 where the horizontal swing high resistance is to our 1st support at 1.21005 in line with the 61.80% Fibonacci projection. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.26396 where the horizontal swing high resistance is.

Trading Recommendation Entry: 1.23802Reason for Entry:Horizontal swing high resistanceTake Profit: 1.21005

Reason for Take Profit:61.80% Fibonacci projectionStop Loss: 1.26396Reason for Stop Loss:

Horizontal swing high resistance