Looking at the H4 chart, my overall bias for GBPUSD is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market. If this bearish momentum continues, expect price to possibly continue heading towards the 1st support at 1.19008, where the 23.6% Fibonacci line is. In an alternate scenario, price could possibly head back up to retest the 1st resistance level at 1.22770, where the previous swing high is.
Trading Recommendation
Entry: 1.22770
Reason for Entry: Sell limit entry at the 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
