FX.co ★ GBPUSD Potential for Bearish Momentum | 31st October 2022

On the H4, price is crossing the ichimoku cloud and breaking the descending trendline, we have a bullish bias that the price may rise from the 1st support at 1.14870, which is in line with the overlap support and previous swing low to the 1st resistance at 1.18641, where the 78.6% fibonacci retracement sits. Alternatively, the price may drop to the 1st support at 1.12730, which is in line with the previous swing low at 1.12730, which is in line with the previous swing low.

Trading Recommendation

Entry: 1.14870

Reason for Entry:

Overlap support and previous swing low

Take Profit: 1.18641

Reason for Take Profit:78.6% fibonacci retracement

Stop Loss: 1.12730

Reason for Stop Loss:

Previous swing low