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20.06.202207:37 Forex Analysis & Reviews: GBPUSD Potential For Bearish Continuation | 20th June 2022

Exchange Rates 20.06.2022 analysis

Description:

On the H4, with prices moving below the ichimoku indicator, we have a bearish bias that price will drop from our 1st resistance at 1.22313 where the horizontal overlap resistance and 23.6% fibonacci retracement are to our 1st support at 1.19360 in line with the 61.8% fibonacci projection and swing low support. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.24022 where the horizontal overlap resistance, 61.8% fibonacci projection and 61.8% fibonacci retracement are.

Trading Recommendation

Entry: 1.22313Reason for Entry:horizontal overlap resistance and 23.6% fibonacci retracement

Take Profit: 1.19360Reason for Take Profit:61.8% fibonacci projection and swing low support

Stop Loss: 1.24022Reason for Stop Loss: horizontal overlap resistance, 61.8% fibonacci projection and 61.8% fibonacci retracement

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert of InstaForex
© 2007-2022
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