Forex Pairs Support & Resistance

GBPUSD Potential for Bullish Rise | 12th January 2023

Looking at the H4 chart, the current GBPUSD price is above the Ichimoku cloud, signalling a bullish market. Since the current price is above the Ichimoku cloud, if this bullish momentum persists, then the price may head up towards the first resistance line at 1.22423, slightly above where the 61.8% Fibonacci line is. In the alternative scenario, the price may head downwards and return towards the 1st support at 1.21123, where the 23.6% Fibonacci line is, if the recent swing low is considered.

Trading Recommendation

Entry: 1.21783

Reason for Entry: Buy stop entry for market structure break and to catch the bullish momentum

Take Profit: 1.24465

Reason for Take Profit:

2nd resistance line and liquidity hotspot area

Stop Loss: 1.21004

Reason for Stop Loss:

Recent swing low and slightly below where the 1st support is

Andrew Johnson is a seasoned journalist with a keen interest in the commodity market. He is a regular contributor to, where he covers the latest news, trends, and analysis related to the commodity industry. With years of experience under his belt, Andrew has established himself as a reliable source of information on the global commodity market.