GBPUSD had a very bearish day yesterday. The daily chart shows that the price made a breakout at a level where it had a bounce earlier. The price action on the H4 chart suggests that the price has started having a correction. There is a possibility that the price might go to the daily breakout level. If that happens, an H4 bearish reversal candle at the resistance level followed by an H4 downside breakout would drive the price to go towards the South with good momentum. Let us have a look at the H4 GBPUSD chart.
This is another trade idea generated by the Elite Swing Trader.
The H4 chart shows that the level of 1.24355 got breached by an H4 candle. The price continued to go further down for two more candles. The level of 1.23940 has been the support here from where the price has started having a correction. If the price goes back to the breakout level; produces an H4 bearish reversal candle followed by an H4 breakout at the level of 1.23940, it would be the signal to go short on the pair.
Let’s have a look at the summary of the trade
- Sell Stop Order: 1.24294
- Stop Loss: 1.24355
- Take Profit: 1.23165
Tip of the Day: The signal might not be produced today. It might be produced tomorrow. As long as the resistance level is held by the H4 candles and we get an H4 breakout at the support level, the trade setup remains valid. Let us now wait and see what happens and how it ends.
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