FX.co ★ GBPUSD Potential retest on the Overalp support

Description :

Looking at the H4 chart, my overall bias for GBPUSD is slightly bullish even though the current price is below the Ichimoku cloud, expecting the price to go down to retest at the overlap support. Looking for a buy entry at 1.19308 where the overlap support and 78.6% Fibonacci line is. Take profit will be at 1.20644, where the recent swing high is. Stop loss will be at 1.17855, where the recent swing low is.

Trading Recommendation

Entry: 1.19308

Reason for Entry: overlap support and 78.6% Fibonacci line

Take Profit: 1.20644

Reason for Take Profit:

Recent swing high + 61.8% Fibonacci line

Stop Loss:1.17855

Reason for Stop Loss:

Recent swing low