FX.co ★ GBPUSD Potential for Bearish Drop | 14th November 2022

On the H4, price is moving above ichimoku cloud, we have a bullish bias that the price may rise to the 1st resistance at 1.19008, which is in line with the 78.6% fibonacci and the previous swing high. Alternatively, the price may drop to retest the 1st support at 1.17381, where the previous swing high is.

Trading Recommendation

Entry: 1.17381

Reason for Entry: Breaking the 1st support line

Take Profit: 1.13497

Reason for Take Profit:

2nd support line

Stop Loss: 1.19008

Reason for Stop Loss:

1st resistance line