GBPAUD has been bearish on the H4 chart. The price has kept making lower lows. To go with it more, yesterday’s UK election pushed the price further down. On its way, the price made a huge bearish breakout as well. Thus, it is the time for the sellers to look for selling opportunities on GBPAUD. By looking at the H4 chart, the sellers have to wait for the price to come at the breakout level to take short entries. Let us have a look at the H4-GBPAUD chart…

See the massive bearish candle, which broke the level of 1.70550. The next candle seems to be a bullish corrective candle. Ideally, the price has to go at 1.70550 and produce an H4 reversal candle to offer us short entry. If things go according to this chart setup, then the price would come down up to 1.67900 to make new lower low.

Let us have a look at the summary of the trade

• Sell Limit Order: 1.70550
• Stop Loss Level: 1.71300
• Take Profit Target: 1.67900
• Validity: 72 hours
• Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable

Trading is all about patience. We had to wait yesterday with the GBP pairs since it was the Election Day. Today, we are going to wait for the price to make corrections. If things go accordingly, then we might get the entry. If the price comes down earlier or breaches the resistance level, we must not take the entry. However, this is what trading is. Traders have to have a sniper approach to be able to make money by trading.

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