FX.co ★ GBPUSD Potential for Bullish Continuation | 5th December 2022

Looking at the H4 chart, my overall bias for GBPUSD is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. Expecting price to continue heading towards the 1st resistance line at 1.26669, where the previous swing high and 127.2% Fibonacci extension line is. In an alternative scenario, price could possibly head back down to break the 1st support line at 1.22770, where the previous high is, before heading towards the 2nd support at 1.19008, where the 78.6% Fibonacci line is.

Trading Recommendation

Entry: 1.22770

Reason for Entry:

1st support line

Take Profit: 1.26669

Reason for Take Profit:1st resistance line and previous swing high

Stop Loss: 1.19008

Reason for Stop Loss:

2nd support line