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GBPUSD Price Action Analysis – 19th July 2017

GBPUSD has been on an uptrend on the Daily chart. The pair made a higher high after making a pull back on the Daily chart. Good thing is that the pair might be getting ready to take another bull ride after having a pull back on the H4 chart. Let us have a look at the H1 GBPUSD chart…

Have a look at the H1 chart where the price made an abrupt downside move. Since the overall trend is with bull, thus I am going to keep my eyes to take a long entry. Here the zone of 1.30150 to 1.30250 has the potential to be the support zone. If that really happens, then we will wait for an upside breakout at 1.30600. We do not buy on the breakout though, but we wait for the price to come back at the same level. If we get an H1 bullish reversal candle, then buying the pair would get us some green pips today. Summary of the trade…

• Buy Stop Order: 1.30600
• Stop Loss Level: 1.30150
• Take Profit target: 1.31350
• 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

This is going to be an ABC trading pattern. Many traders set their stop loss below the reversal candle on ABC trading pattern. However, to be safe the best place to set the Stop loss is below the trend’s lower low, which is often trading day’s lower low as well. It still offers 1:2 risk and reward ratio in most cases. Moreover, the chances of winning the trade are much higher as well.

We hope that you enjoy our Free Forex Trading Signal today: GBPUSD Price Action Analysis – 19th July 2017

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