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.
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