GBPUSD Potential for bearish drop | 1st July 2022
On the H4, with prices moving below the ichimoku indicator, we have a bearish bias that price will drop from our sell entry at 1.21657 where the horizontal overlap resistance and 38.2% fibonacci retracement are to our take profit at 1.19313 where the horizontal swing low support and 61.8% fibonacci projection are. Alternatively, price could break entry structure and head for stop loss at 1.24327 in line with the 61.8% fibonacci projection, 78.6% fibonacci retracement and pullback resistance.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.