FX.co ★ GBPUSD Potential for Bearish Drop | 8th 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 head back up to retest the 1st resistance line at 1.22770, where the previous high is. In an alternative scenario, price could possibly head back down towards the 1st support at 1.19008, where the 78.6% Fibonacci line is.

Trading Recommendation

Entry: 1.22770

Reason for Entry:

1st resistance line

Take Profit: 1.19008

Reason for Take Profit:1st support line

Stop Loss: 1.26669

Reason for Stop Loss:

2nd resistance line