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05.07.202210:47 Forex Analysis & Reviews: GBPUSD Potential For Bearish Continuation | 5th July 2022

Exchange Rates 05.07.2022 analysis

On the H4, with prices moving below the ichimoku indicator, we have a bearish bias that price will rise and drop from our 1st resistance at 1.21570 where the horizontal overlap resistance and 50% fibonacci retracement are to our 1st support at 1.19313 where the horizontal swing low support and 100% fibonacci projection are. Alternatively, price could rise above 1st resistance structure and head to 2nd resistance at 1.24065 in line with the swing high resistance and 127.2% fibonacci extension.

Trading Recommendation

Entry: 1.21570

Reason for Entry:

Horizontal overlap resistance and 50% fibonacci retracement

Take Profit: 1.19313

Reason for Take Profit:Horizontal swing low support and 100% fibonacci projectionStop Loss: 1.24065

Reason for Stop Loss:

Swing high resistance and 127.2% fibonacci extension

*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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