EURGBP made a huge breakout towards the upside. The bearish Trend line, which was obeyed by the price a number of times got breached and held by the H4 candles. If the H4 chart produces an H4 Engulfing Candle and makes another breakout towards the upside, then it would be a huge opportunity for the buyers to buy the pairs and make some green pips with an excellent risk and reward ratio. Let us have a look at the H4 EURGBP chart.
The level of 0.87525 seems to be the Support and 0.87840 Resistance level here. If the Support level is held by the H4 candles and the an H4 Engulfing Bullish Candle makes a breakout at 0.87840, then buying the pair would be very rewarding for the buyers here. The price should reach the level of 0.88700 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 0.87840
- Stop Loss: 0.87525
- Take Profit: 0.88700
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
The GBP has a high impact news event at GMT 10.30. This means the H4 candle that finishes at GMT 11.00 has the chance to be the Bullish Engulfing Candle that we are aiming for. Most probably, the Target would be hit before the market closes today. If it does not, I personally would not mind leaving at least 50% of my trade during the Weekend to be able to get some extra pips.
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