Type: Bullish RiseKey Levels:Resistance: 1.2181Pivot: 1.2061Support: 1.1955Preferred Case:On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise from the pivot at 1.2061 where the pullback support is to the 1st resistance at 1.2181 where the overlap resistance, 61.8% fibonacci retracement and 127.2% fibonacci extension are.Alternative Scenario:Alternatively, price could break pivot structure and drop to the 1st support at 1.1955 where the pullback support, 50% fibonacci retracement and 61.8% fibonacci projection are.Fundamentals:Due to the current political uncertainty in the UK, rampant inflation and relatively modest interest rate increases, we have a bearish bias on the GBPUSD . We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/micro-gbp-usd-futures-m6b1-h4-potential-for-bullish-rise26"
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