FX.co ★ GBPUSD Potential for Bearish Drop | 10th November 2022

On the H4, price is crossing the ichimoku cloud and Stoch is dropping to the support level, we have a bearish bias that the price may drop from the 1st resistance at 1.14353, which is in line with the 38.2% fibonacci retracement and overlap resistance to the 1st support at 1.1586, where the previous swing low and 38.2% fibonacci retracement are. Alternatively, the price may rise to the 2nd resistance at 1.16107, where the previous swing high is.

Trading Recommendation

Entry: 1.14353

Reason for Entry: 38.2% fibonacci retracement and overlap resistance

Take Profit: 1.1586

Reason for Take Profit:

Previous swing low and 38.2% fibonacci retracement

Stop Loss: 1.16107

Reason for Stop Loss:

Previous swing high