Looking at the H4 chart, my overall bias for GBPUSD is bullish due to the current price crossing above the Ichimoku cloud, indicating a bullish market. Expecting price to head back up to possibly continue heading towards the 1st resistance at 1.22770, where the previous swing high is. In an alternative scenario, price could possibly head back down to retest the 1st support at 1.19008, where the 78.6% Fibonacci line is.
Trading Recommendation
Entry: 1.22770
Reason for Entry:
Retest 1st resistance line
Take Profit: 1.19008
Reason for Take Profit: 1st support line
Stop Loss: 1.24465
Reason for Stop Loss:
Recent swing high
