GBPUSD Potential for bullish momentum
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 1.20509 where the swing high resistance is. Once there is upside confirmation that price has broken the buy entry, we would expect bullish momentum to carry prices to take profit at 1.21764 where the swing high resistance,61.8% fibonacci retracement, 100% fibonacci projection and 127.2% fibonacci extension are. Alternatively, price could drop to the 1st support at 1.19369 where the pullback support is. Should price break 1st support, we would have a bearish bias that price will drop to stop loss at 1.17510 in line with swing low support and 100% fibonacci projection.
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