GBPUSD after being bullish for a long time on the H4 chart, the price seems to change its direction. Yesterday’s daily candle came out as an engulfing bearish daily candle. To go with it more, the H4 chart produced a good-looking H4 bearish engulfing candle at the resistance level. At the moment, the price is having a consolidation. If we get an H4 bearish engulfing candle at the resistance of consolidation zone, then a breakout at yesterday’s lowest low would drive the price towards the South.
This is another trade idea generated by the Elite Swing Trader.
The level of 1.30480 is a level where the price reacted heavily earlier. If the price is held by the level and we get an H4 bearish engulfing candle right there, then an H1 breakout at the level of 1.30160 would be signal to go short on the GBPUSD today. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.29865
- Stop Loss: 1.30461
- Take Profit: 1.29427
The USD has a series of high impact news event today at GMT 13.30. The pair will be volatile during the news events hour. The signal would be a safe signal if it is produced after the news hour. If it is produced at least four hour before the news events hour, then it may be alright to take the entry. However, if we get the signal just before an hour or two, then we might as well skip taking the entry. Let us wait and see what happens in the end.
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