FX.co ★ GBPUSD Potential For Bullish Continuation | 11st August 2022

On the H4, with price moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise from the 1st support at 1.21840 where the pullback support and 38.2% fibonacci retracement are to the 1st resistance at 1.22923 where the swing high resistance and 61.8% fibonacci projection are. Alternatively, price could break 1st support structure and drop to 2nd support at 1.21120 where the pullback support, 61.8% fibonacci retracement and 61.8% fibonacci projection are.

Trading Recommendation

Entry: 1.21840

Reason for Entry:

Pullback support and 38.2% fibonacci retracement

Take Profit: 1.22923

Reason for Take Profit:Swing high resistance and 61.8% fibonacci projection

Stop Loss: 1.21120

Reason for Stop Loss:

Pullback support, 61.8% fibonacci retracement and 61.8% fibonacci projection