GBPUSD has been on a strong Bearish trend on the Daily chart. The H4 chart shows that the pair has been on an upward correction. The price is at a strong level of Resistance. Thus, the pair might start going towards the down again from there. We first have to wait for a breakout towards the downside though. Let us have a look at the H4 GBPUSD chart and find out the breakout, Stop loss and Take profit level.
Today’s first two H4 candles were Bullish corrective candles. If the current candle comes out as a strong Bearish candle and makes a breakout at the level of 1.33355, then the H4 candle one after the breakout candle has to be held and an H1 Bearish candle has to be formed right at the breakout level to offer us the short entry. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.33355
- Stop Loss: 1.33765
- Take Profit: 1.32550
- 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
Yesterday’s FOMC did not make the market move that much. This is an indication that the market has been having less liquidity. This is the last thing retail traders want from the market. However, it is a reality that traders have to deal with every now and then with extreme patience. Traders should never force themselves for taking entries, but wait for a breakout, confirmation, and the right signal. Let us patiently wait and see whether we get these three on our today’s setup.
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