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GBPUSD Price Action Analysis – 21st June 2017

GBPUSD has been bearish on the H4 chart. The pair produced another bearish Daily candle yesterday. Thus, I am eying on the pair to take short entries. By looking at the H1 chart, it seems that the pair might offer sell entries later today. Let us have a look at the H1-GBPUSD chart…

See how bearish the market has been recently on the H1 chart. The price kept making lower lows and came down up to the level of 1.26020. From this level, the price has started having correction. Here the level of 1.26530 might play an important role and be the level of resistance. If it really happens, then all we need to wait for is an H1 breakout at 1.26020 to take a short entry. Let us have a look at the summary of the trade…

• Sell Stop Order: 1.26000
• Stop Loss Level: 1.26800
• Take Profit Target: 1.25200
• 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

Typically, traders love to have a risk and reward ratio of 1:2 or more. However, here is a thing that we need to remember. High probability trading like this one comes with less risk and reward ratio. In my opinion, we should take these opportunities whenever they are available. Professional traders even take entry with 1:1 risk and reward ratio as well if the trade setup is great. In fact, as they say their 80% entries are with 1:1 risk and reward ratio. At the end of the day, making money is the most important thing.

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We hope that you enjoy our Free Forex Trading Signal today: GBPUSD Price Action Analysis – 21st June 2017  [thrive_link color='green' link='https://www.forexstrategieswork.com/the-price-action-club/' target='_blank' size='big' align='aligncenter']Join The Price Action Club Here...[/thrive_link]