Micro GBP/USD Futures (M6B1!), H4 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 1.2181
Pivot: 1.2061
Support : 1.1955
Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 1.2061 where the pullback support is to the 1st resistance at 1.2181 where the overlap resistance, 61.8% fibonacci retracement and 127.2% fibonacci extension are.
Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 1.1955 where the pullback support, 50% fibonacci retracement and 61.8% fibonacci projection are.
Fundamentals: Due to the current political uncertainty in the UK, rampant inflation and relatively modest interest rate increases, we have a bearish bias on the GBPUSD . We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
Resistance : 1.2181
Pivot: 1.2061
Support : 1.1955
Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 1.2061 where the pullback support is to the 1st resistance at 1.2181 where the overlap resistance, 61.8% fibonacci retracement and 127.2% fibonacci extension are.
Alternative scenario: Alternatively, price could break pivot structure and drop to the 1st support at 1.1955 where the pullback support, 50% fibonacci retracement and 61.8% fibonacci projection are.
Fundamentals: Due to the current political uncertainty in the UK, rampant inflation and relatively modest interest rate increases, we have a bearish bias on the GBPUSD . We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results