FX.co ★ GBPUSD Potential for Bullish Continuation | 15th 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 possibly continue heading towards the 1st resistance at 1.26669, where the previous swing high is. In an alternative scenario, price could possibly head back down to retest the 1st support at 1.22770, where the previous swing high is.

Trading Recommendation

Entry: 1.24462

Reason for Entry:

Buy stop entry potential to ride the bullish momentum

Take Profit: 1.26669

Reason for Take Profit:1st resistance line

Stop Loss: 1.22770

Reason for Stop Loss:

1st support line