GBPUSD Potential for bearish drop | 6th July 2022
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 1.19313 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 1.18163 where the 161.8% fibonacci extension, -61.8% fibonacci expansion and 100% fibonacci projection are. Alternatively, price could rise to intermediate resistance at 1.19762 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 1.21637 where the 50% fibonacci retracement and swing high resistance 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.