FX.co ★ GBPUSD Potential for Bullish Rise | 10th January 2023

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. If this bullish momentum continues, expect price to possibly continue heading towards the 1st resistance line at 1.22423, slightly above where the 61.8% Fibonacci line is. In an alternate scenario, price could possibly head back down towards the 1st support at 1.21068, where the 23.6% Fibonacci line is

Trading Recommendation

Entry: 1.21068

Reason for Entry: Retest 1st support line

Take Profit: 1.24465

Reason for Take Profit:

2nd resistance line and liquidity hotspot area

Stop Loss: 1.18410

Reason for Stop Loss:

2nd support line and previous swing low