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GBPUSD Potential For Bearish Continuation | 4th July 2022
02:47 2022-07-04 UTC--4

On the H4, with prices moving below the ichimoku indicator, we have a bearish bias that price will rise and drop from our 1st resistance at 1.21570 where the horizontal overlap resistance, 100% fibonacci projection and 50% fibonacci retracement are to our 1st support at 1.19313 where the horizontal swing low support and 78.6% fibonacci projection are. Alternatively, price could rise above 1st resistance structure and head to 2nd resistance at 1.24065 in line with the swing high resistance.

Trading Recommendation

Entry: 1.21570

Reason for Entry:

Horizontal overlap resistance, 100% fibonacci projection and 50% fibonacci retracement

Take Profit: 1.19313

Reason for Take Profit:Horizontal swing low support and 78.6% fibonacci projection

Stop Loss: 1.24065

Reason for Stop Loss:

Swing high resistance

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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.