GBPUSD Potential Bearish Continuation
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 1.18758 where the pullback support and 38.2% fibonacci retracement are. Once there is downside confirmation of price breaking entry structure, we would expect bearish momentum to carry price to our take profit at 1.17655 where the 61.8% fibonacci projection and 161.8% fibonacci extension are. Alternatively, price could rise to stop loss at 1.19196 in line with the pullback resistance.
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