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

On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise from the 1st support at 1.21594 where the pullback support is to the 1st resistance at 1.23207 where the swing high resistance and 127.2% fibonacci extension are. Alternatively, price could break 1st support and drop to 2nd support at 1.20566 where the pullback support and 38.2% fibonacci retracement are.

Trading Recommendation

Entry: 1.21594

Reason for Entry:

Pullback support

Take Profit: 1.23207

Reason for Take Profit:Swing high resistance and 127.2% fibonacci extension

Stop Loss: 1.20566

Reason for Stop Loss:

Pullback support and 38.2% fibonacci retracement