FX.co ★ GBPUSD Potential For Bullish Continuation | 29th June 2022

On the H4, with prices expected to bounce off the stochastic support, we have a bullish bias that price will drop and rise from our 1st support at 1.21657 where the horizontal overlap support and 50% fibonacci retracement are to our 1st resistance at 1.24327 in line with the 61.8% fibonacci projection, 78.6% fibonacci retracement and pullback resistance. Alternatively, price may break 1st support structure and head for 2nd support at 1.19313 where the horizontal swing low support is.

Trading Recommendation

Entry: 1.21657

Reason for Entry:

Horizontal overlap support and 50% fibonacci retracement

Take Profit: 1.24327

Reason for Take Profit: 61.8% fibonacci projection, 78.6% fibonacci retracement and pullback resistanceStop Loss: 1.19313

Reason for Stop Loss:

Horizontal swing low support