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. Expecting price to head back up to possibly break the 1st resistance line at 1.22770, where the previous high is, before heading towards the 2nd resistance at 1.26669, where the previous swing high is. In an alternative scenario, price could possibly head back down towards the 1st support at 1.19008, where the 78.6% Fibonacci line is.
Trading Recommendation
Entry: 1.22770
Reason for Entry:
1st resistance line
Take Profit: 1.26669
Reason for Take Profit:2nd resistance line
Stop Loss: 1.21062
Reason for Stop Loss:
Previous swing low
