GBPUSD Breakout Trading Strategy – 22nd Jan 2019
GBPUSD produced an Inside Bar Daily candle yesterday. Day before yesterday’s strong bearish candle set a bearish tone on the H4 chart. The price has started having a correction and got hold at a level of resistance, which is a very significant level. If the level ends up producing an H4 bearish engulfing candle and makes an H1 breakout at yesterday’s lower low, then selling the pair would get us some green pips. Let us have a look at the GBPUSD chart.
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The level of 1.28280 is the level of support and 1.29070 is the level of resistance here. So far the level of resistance is held nicely. If the level continues to be held and ends up producing an H4 bearish engulfing candle and we get an H1 breakout at the level of 1.28280, then the price would head towards the South again. By looking at the chart and other factors, 1.27000 is the next target. Summary of the trade…
- Sell Stop Order: 1.28280
- Stop loss: 1.29070
- Take Profit: 1.27000
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Recently, GBPUSD produced some big candles on the H4 chart. The pair has always been an excellent pair for the retail traders since its liquidity factor. However, Brexit issue made the pair take some unusual moves on a number of occasions. Thus, it is important that we check Forex event calendar every day and may avoid taking entries on GBPUSD if there is an event that is directly related to the Brexit issue.
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