GBPUSD Price Action Analysis – 9th Feb 2018
GBPUSD had a ride on a Roller coaster yesterday. The pair went towards the North like a rocket and then came down with the similar amount of selling pressure on the H1 chart. As far as the H1-GBPUSD chart is concerned, it seems that the pair might make a Bearish move later today. Let us have a look at the H1 GBPUSD chart to find out the levels that we need to count to take the short entry.
Today’s price action suggests that the price is having a correction. The level of 1.39500 has the potential to be a strong level of Resistance. If this level produces an H4 reversal candle and makes an H1 breakout at 1.39090 then the price would come down to check the Support level of 1.38450 without having that many pauses. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.39090
- Stop Loss: 1.39500
- Take Profit: 1.38450
- 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
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The GBP has a high impact news event today at GMT 10.30. The current H4 candle finishes at GMT 11.00. This means the probability is high that the pair makes the breakout at the last hour of the current H4 candle. This makes the equation easy for us since we get the H1 breakout and an H4 Bearish Reversal candle together. One thing I am a bit worried that the news event might end up producing long spikes. Nevertheless, the setup looks very good and the chance is high that it ends up offering us the short entry.
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