GBPUSD has been bearish on the H4 chart. Last Friday’s candle came out as a strong bearish candle, which set a bearish tone on the H4 chart. The price has started having a correction as well. There is a level nearby which has the potential to be a level of resistance. If that level is held and it ends up producing an H4 bearish reversal candle, then an H1 breakout at the lowest low would be the signal to go short on the pair again. Let us have a look at the H4 GBPUSD chart.
This is another trade idea generated by the Elite Swing Trader.
The level of 1.25790 is the level of support from where the price has started having a correction. The level of 1.26000 has the potential to be the level of resistance. If the price is held by the level of 1.26000 and we get an H4 bearish reversal candle, then an H1 breakout at the level of 1.25790 would lead the price towards the level of 1.25170 without having too many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.25709
- Stop Loss: Above 1.25986
- Take Profit: 1.25170
The level which has been the level of support here is a very significant level of support on the daily chart as well. It might continue being a level of support on the daily chart and push the price higher up. However, as far as the H4 chart is concerned, the market is bearish and a solid breakout towards the downside will change the scenario on the daily chart as well. Let us wait and see what happens afterwards.
Click Here to learn more about Elite Swing Trader
The Elite Swing Trader Trading Dashboard
With the Indicator, you can now have multiple charts open and wait for the Elite Swing Trader will highlight potential trades to your attention. Of course, without saying, you do not trade every signals. Instead, this is a massive time saver. You decide on the trades to take.
This is a time tested Ever Green Swing trading system. Learn more here…
Claim Your $60 No Deposit Bonus Here
All you need is to have your live account verified!
Of course, you need to open a live account...
2 Brokers that we like A LOT!
USD30 from each Forex Broker Below.
Both Forex Brokers have excellent rating!
We use both of these brokers and proudly promote them!
NOTE: Not all countries qualify for these bonuses. Terms and Condition Applies.Other Analysis Today