GBPUSD Potential for bullish rise | 27th July 2022
On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to the buy entry at 1.20566 where the pullback resistance is. Once there is upside confirmation of price breaking entry structure, we would expect bullish momentum to carry price to take profit at 1.21594 where the pullback resistance, 127.2% fibonacci extension and 61.8% fibonacci retracement are. Alternatively, price could drop to stop loss at 1.19320 where the pullback support and 50% fibonacci retracement are.
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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.