FX.co ★ GBPUSD Potential For Bullish Bounce | 18th May 2022

On the H4, with price moving above the Ichimoku and the recent breakthrough in our descending trendline, we have a bullish bias that price will rise from our 1st support at 1.23982 where the 23.60% Fibonacci retracement and horizontal overlap support is to our 1st resistance at 1.26283 in line with the horizontal swing high resistance. Alternatively, price may break 1st support structure and head for 2nd support at 1.22751 where the horizontal pullback support and 61.8% Fibonacci retracement is.Trading Recommendation Entry: 1.23982Reason for Entry:23.60% Fibonacci retracement and Horizontal overlap supportTake Profit: 1.26283

Reason for Take Profit:Horizontal swing high resistance

Stop Loss: 1.22751Reason for Stop Loss:

Horizontal pullback support and 61.8% Fibonacci retracement