GBPUSD has been Bullish on the H4 chart. In fact, the pair has been maintaining an Up trending channel. Today’s first two H4 candles were Bullish, but did not have any significant move. However, the current H4 candle seems to be a strong Bullish one, which has been trying to make an upside breakout. If the breakout happens and the level is held, then we would get an opportunity to take a long entry later on the pair. Let us have a look at the H4 GBPUSD chart.

Have a look at the current H4 candle. It has been trying to make a breakout at the level of 1.34235. If the breakout does take place and if it is held by an H4 candle, and then we should wait for an H1 Bullish candle to be formed right at the breakout level to take the long entry. Let us have a look at the summary of the trade...

• Entry- H1 Bullish Engulfing Candle at 1.34235
• Stop loss- Below 1.34000
• Take profit- 1.34625
• 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

The GBP has a high impact news event at GMT 0930 today. That news event would create some spikes on the intraday charts. Now the thing to be watched for is whether the setup does not get ruined for the news event. Let us hope that the current H4 candle makes the breakout, but does not go too far. If it goes too far, then we might not get the things to go as we have expected here.