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13.01.2023 09:43 AM
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 to break the 1st resistance line at 1.22423, slightly above where the 61.8% Fibonacci line is, before heading towards the 2nd resistance at 1.24465, where the previous swing high is. In an alternate scenario, price could possibly head back down towards the 1st support at 1.21123, where the 23.6% Fibonacci line is
Trading Recommendation
Entry: 1.22469
Reason for Entry: Buy stop entry slightly above the 1st resistance line and to catch the bullish momentum
Take Profit: 1.24465
Reason for Take Profit:
2nd resistance line and liquidity hotspot area
Stop Loss: 1.20843
Reason for Stop Loss:
Recent swing low and slightly below where the 1st support is
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