GBPUSD has been heading towards the North for last 7 trading days. On the H4 chart, the pair produced an ABC pattern and produced a strong bullish wave. The H4 chart suggests that the price has started having a consolidation. It is approaching at a level which might be held and help the buyers go long on the pair by producing an H4 bullish engulfing candle. If it does not break above this resistance level, there is a good chance that this is the reversal zone. Based on our trend reversal system, The Super Forex Launcher, we feel that if it does not go further up, then it has to retrace to the previous support.
This is another trade idea generated by the Super Forex Launcher.
With that expectation of reversal, we will approach this trade idea with the below orders.
- Sell Stop Order: 1.31236
- Stop Loss: 1.31827
- Take Profit: 1.30484
Today, most of the pairs started their trading week with a gap. Gap creates confusion among the traders. The price action traders do not like gaps. Today’s gap on some pairs may create some unexpected moves. However, good thing is GBPUSD did not start its day with any gap. Let us hope that the pair runs technically for the rest of the day as well.
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