GBPUSD produced a bullish engulfing candle on the daily chart yesterday. The H4 chart looks good for the buyers. The price has been on consolidation. It seems that it has found its support from where it may head towards the North to make an upside breakout and offer a long entry. 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 1.28960 and started having consolidation. The level of 1.28440 is the level of support, which holds the H4 candles. It has already produced a bullish Spinning Top as well. If the price continues to go towards the upside and makes an H1 breakout at the level of 1.28960, the price may go towards the level of 1.29740 with good bullish momentum. Let us have a look at the summary of the trade...

• Buy Stop Order: 1.28970
• Stop Loss: 1.28103
• Take Profit: 1.29663

We have set Take Profit at a resistance level on the daily chart. The daily chart shows that the price had rejection at that level twice. Thus, it may roam around there for a while before determining its next direction. An upside breakout would make the pair bullish. On the other hand, a daily bearish reversal candle would make the pair be bearish for some days. Let the pair decide what it would there. Meanwhile, let us concentrate on the trade setup and come out with a profit at the daily resistance. For more trade ideas, join the Price Action Society... If you like our analysis and would like to receive 3 to 7 trade ideas per day, then Click here to learn more about the Price Action Society.