GBPUSD has been on a bearish wave on the H4 chart. The pair produced some good-looking bearish H4 candles after a correction or consolidation, and then went towards the South with good amount of selling pressure. As things stand with the pair, it seems that if it produces another H4 bearish engulfing candle followed by an H1 breakout then sellers are going 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.

As the chart shows that the level of 1.30135 has the potential to be the level of resistance. The bull candle closed right there. If the current candle comes out as a bearish engulfing candle and later we get an H1 breakout at the level of 1.29840, then selling the pair would get us some green pips. The level which we have identified as the level of resistance is a significant level. The price reacted to this level on a number of occasions. Let us have a look at the summary of the trade...

• Sell Stop Order:  1.29864
• Stop Loss:  1.30277
• Take Profit: 1.29281

On this bearish wave, GBPUSD produced 3 bearish engulfing candles. It can’t get any better than this technically. All the levels that those candles were formed were flip over resistance. Those were too acted as resistance recently. Those levels can be identified easily by the traders. This should be evaluated when a chart is chosen before taking an entry. The clearer the chart the better it is. Click Here to learn more about Elite Swing Trader

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