Free Forex Trade Signals GBPUSD – 10th Sept 2019
GBPUSD has been bullish on the daily chart. After making a double bottom on the daily chart, the price has been heading towards the North. Yesterday’s daily candle came out as a bullish candle too. The price came down at a level which was a level of resistance earlier. Thus, the level may play an important role by being a level of support and pushing the price towards the North further. Let us have a look at the H4 GBPUSD chart.
This trade idea was generated by our powerful Elite Swing Trader System.
The price went up to the level of 1.23810 and started having a correction. The level of 1.23315 has been held by the H4 candles. If the level keeps being held and it produces an H4 bullish engulfing candle, then an H1 breakout at the level of 1.23810 would be the signal to go long on the pair. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.23856
- Stop Loss: 1.23150
- Take Profit: 1.23746
The pair had a big bearish move. The downtrend existed for about for several months. The level that the price had a bounce this time; it was the same level where it had bounced some years ago as well. This is the lowest low of the GBPUSD. If somehow the support level gets breached, then the pair may go to the parity. However, it has been held by the weekly, daily charts. Let us wait whether it is held by the monthly candle or not. If it does, the potential uptrend may sustain for a long time as well.
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