GBPUSD pair showed some strength last week. The way the pair has been having correction on the 4 hourly chart, it seems the pair is getting ready to make another bullish move. Have a look at the GBPUSD 4 hourly chart.

The pair has found strong support at the level of 1.23600 last week. Made a bullish move and went up to the level of 1.26650. The initial trending candle suggested that the pair has made the full circle of the trend. However, the way the pair has been having its correction; there is a strong possibility that the pair would find its support at the level of 1.25000-1.25400 (Rectangle zone). Pay close attention to the anti down trending Trend line. Once the price makes a break out of the Trend line from the level of 1.25000 to 1.25500, then surely it will be a good option to buy GBPUSD today. Make sure that the breaking 4 hourly candle is a solid 4 hourly Engulfing candle that shows good momentum. Trade should be taken on the next hourly candle after completion of that breaking 4 hourly bar. Most important of all that 1 hourly candle has to cover the higher high of the breaking 4 hourly candle that I am talking about. If things go according to this calculation, then our stop loss should be set below today’s lower low, which might be the level of 1.25000. The Take profit should be set at the level of 1.28550. Please adjust your broker’s spread while setting Stop loss and Take profit. We do not have any big news event until tomorrow. This means the pair has enough time to complete the run. If the 4 hourly candle is not produced by the New York open, then we might as well leave the set up and avoid taking the entry. Comment below if you have questions on this trade and please let us know if you made money if this trade signal. Good luck!