FX.co ★ GBPUSD Potential For Bullish Continuation | 19th July 2022

On the H4, with prices breaking out of the descending channel and RSI moving along an ascending trendline, we have a bullish bias that prices will rise from the 1st support at 1.19320 where the 38.2% fibonacci retracement and pullback support are to the 1st resistance at 1.20469 where the swing high resistance and 50% fibonacci retracement are. Alternatively, prices could break 1st support and drop to 2nd support at 1.17625 in line with swing low support.

Trading Recommendation

Entry: 1.19320

Reason for Entry:

38.2% fibonacci retracement and pullback support

Take Profit: 1.20469

Reason for Take Profit:Swing high resistance and 50% fibonacci retracement

Stop Loss: 1.17625

Reason for Stop Loss:

Swing low support