GBPUSD Potential for bearish drop | 6th June 2022
On the H4, with MACD moving in bearish momentum, price moving below the ichimoku indicator and price breakout from ascending channel, we have a bearish bias that price will drop from our sell entry at 1.25875 where the horizontal overlap resistance is to our take profit at 1.23997 in line with the 50% Fibonacci retracement, 78.6% fibonacci retracement and overlap support. Alternatively, price may break entry structure and head for stop loss at 1.26607 where the horizontal swing high resistance and 61.8% fibonacci projection are.
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