GBP/USD has been bearish on the daily chart. The price has been heading towards the daily support upon finding its resistance. On the H4 chart, the price has been on consolidation. If it makes a bearish breakout, the H4 traders may find an opportunity to go short on the pair and grab some green pips. Let us have a look at the H4 GBP/USD Chart.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
The chart shows that the price had a bounce at the level of 1.30370. It produced a bullish engulfing candle as well. The level of 1.30640 may work as a level of resistance. If the level produces a bearish reversal candle, the sellers may go short below the level of 1.30370. The price may head towards the level of 1.29830 with good bearish momentum. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.30320
- Stop Loss: 1.30665
- Take Profit: 1.29996
The level of 1.29830 is daily support. Moreover, it is a level of head and shoulder support on the H4 chart as well. Thus, the sellers may consider taking out the whole trade once it hits the take profit level. The price may reverse and make a new bullish trend around the level of support. On the other hand, if the price breaches the level of support, it may remain bearish on the daily chart. That may drive the price towards the South further to make the new lowest low. We are to wait to find out what happens there. Meanwhile, we shall go short up to the level of support and let the pair decide its next route.
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