GBPUSD Breakout Trading Signal – 6th Feb 2019 | Free Forex Trading Signal

GBPUSD Breakout Trading Signal – 6th Feb 2019

Close
Close

GBPUSD has been bearish on the H4 chart. The price seems to have started a correction as well. There is a level of resistance nearby which might hold the price. If the level produces an H4 bullish engulfing candle and later we get an H1 breakout at yesterday’s lower low, then selling the pair would get us some green pips.

How I Became a Consistently Profitable Trader

GBPUSD Breakout Trading Signal – 6th Feb 2019

GBPUSD Breakout Trading Signal – 6th Feb 2019


Thank you for your readership. We are truly grateful!

Hope that you like the strategies that we share.
If you like the strategies here, you will absolutely
love our latest strategy...

The MorningPips Trading System

The aim of Morningpips is to finish trading by the morning.
Simple as that... Check it out!


The price has started its correction from the level of 1.29200. As the chart suggests that the level of 1.29925 is a level where price had reacted heavily on a number of occasions. If the level produces an H4 bearish engulfing candle and later we get an H1 breakout at the level of 1.29200, then the price would head towards the level of 1.27850 without having that many pauses. Let us have a look at the summary of the trade…

  • Sell Stop Order: 1.29200
  • Stop loss: 1.29925
  • Take Profit: 1.27850

The USD has a high impact news event today ‘President Trump Speaks’, but the GBP does not. I assume the pair would run very technically today. Another thing is the signal would take at least 2 more H4 candles to complete its correction. Thus, the traders have enough time to get ready and take the entry. Meanwhile, we must be patient and keep our close eyes on the pair to get a full wave correction, an H4 bearish candle and an H1 breakout at yesterday’s lower low to take the short entry as described on the trade setup today.

The Secret Strategy used by Legendary Traders


Claim Your $60 No Deposit Bonus Here

All you need is to have your live account verified!
Of course, you need to open a live account...

2 Brokers that we like A LOT!
USD30 from each Forex Broker Below.
Both Forex Brokers have excellent rating!

Broker #1

Broker #2

We use both of these brokers and proudly promote them!

NOTE: Not all countries qualify for these bonuses. Terms and Condition Applies.


Other Analysis Today
Learn and SHARE the Knowledge!
Click Here to Leave a Comment Below 0 comments

The AllPips Trend Indicator

Trading is simple when the Trend is Your Friend.
Enter Your Details Below to Download FREE Now.

envelope-o
long-arrow-down