GBPUSD H4 | Potential bounce off from support level?
Looking at the H4 chart, price of the has dropped from resistance to our buy entry at 1.2342. This level is a strong overlap support and that lines with the 78.6% Fibonacci retracement level. Our take profit level will be at 1.2498, which is just before the swing high resistance level.
To manage potential risks, we will place our stop loss at 1.2270, which is just slightly below the swing low support level
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To manage potential risks, we will place our stop loss at 1.2270, which is just slightly below the swing low support level
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
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