FX.co ★ GBPUSD Potential For Bullish Continuation | 1st August 2022

On the H4, with prices moving within an ascending channel and respecting the Ichimoku cloud, we are bullish biased. Price is now testing at the first resistance, 1.219 where the overlap support is. pullback resistance and 100% Fibonacci projection are. Once prices break the first resistance and there is upside confirmation, we would expect bullish momentum to carry price to 2nd resistance at 1.231 is. Alternatively, price could drop to 1st support at 1.209 where the 23.6% Fibonacci extension and pullback support is

Trading Recommendation

Entry: 1.209

Reason for Entry:Pullback resistance

Take Profit: 1.224

Reason for Take Profit: 78.6 Fibonacci retracement and it respects the bullish channel

Stop Loss: 1.200

Reason for Stop Loss:

38.2 Fibonacci retracement