Elite Swing Trader GBPUSD – 12th July 2019
GBPUSD had a bullish day yesterday in spite of having a rejection from the upside. The H4 chart suggests that the price has had a correction. A significant level of support has been held. Moreover, a bullish engulfing candle has been produced. If the price continues to go towards the North and makes a breakout at yesterday’s highest high, then the price would head towards the North further. Let us have a look at H4 GBPUSD chart.
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The level of 1.25170 is the level of support here. On the other hand, the level of 1.25690 is the level of resistance as well as yesterday’s highest high. After producing a bullish pin bar, the H4 chart produced a bullish engulfing candle as well. If the price keeps going towards the North and makes a breakout at the level of 1.25690, the price would head towards the level of 1.26470 with good bullish momentum. Let us have a look at the summary of the trade…
- Entry: H4 breakout at 1.25690
- Stop Loss: Below 1.25170
- Take Profit: 1.26470
GBPUSD had a strong bearish move on the daily chart. However, for the last three days, the price has been showing bullish momentum. The candle that initiated the move is an inside bar bullish candle though. Thus, GBPUSD buyers may have to wait a little to get the complete control as far as the daily chart is concerned. Meanwhile, the H4 chart is crucial and it will determine whether GBPUSD would change its trend on the daily chart or not.
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