Elite Swing Trader GBPUSD – 17th June 2019
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.
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