VantageMarkets

GBPUSD Potential Bearish Continuation

Short
FX:GBPUSD   British Pound / U.S. Dollar
On the H4, with prices moving below the ichimoku indicator and within the descending channel , we have a bearish bias that price will drop to our sell entry at 1.19352 where the horizontal pullback support and -27.2% fibonacci expansion are. Once we have downside confirmation that price has broken entry structure, we would expect bearish momentum to carry price to our take profit at 1.18132 where the 161.8% fibonacci extension , -61.8% fibonacci expansion and 100% fibonacci projection are. Alternatively, price could rise to intermediate resistance at 1.19766 in line with the pullback resistance and 38.2% fibonacci retracement . Should price break intermediate resistance structure, we would have a bullish bias that price will rise to stop loss at 1.21677 where the 50% fibonacci retracement and swing high resistance are.

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