FX.co ★ GBPUSD Potential For Bullish Continuation | 23th May 2022

On the H4, with price moving above the Ichimoku indicator, we have a bullish bias that price will rise from our 1st support at 1.25009 where the horizontal overlap support is to our 1st resistance at 1.26243 in line with the 78.6% Fibonacci projection and horizontal swing high resistance. Alternatively, price may break 1st support structure and head for 2nd support at 1.23967 where the horizontal overlap support and 61.8% Fibonacci retracement are.

Trading Recommendation

Entry: 1.25009

Reason for Entry:

Horizontal overlap support

Take Profit:1.26243

Reason for Take Profit:78.6% Fibonacci projection and Horizontal swing high resistance

Stop Loss: 1.23967

Reason for Stop Loss:

Horizontal overlap support and 61.8% Fibonacci retracement