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. Let us have a look at the H4 GBPUSD chart.
This is another trade idea generated by the Elite Swing Trader.
As the chart shows that after producing an ABC pattern, the price went towards the level of 1.31740. Then, the chart produced two consecutive H4 bearish candles. The level of 1.31335 is very nearby. This level may be the level of support since the price acted around this level heavily earlier. If the level is held and it ends up producing an H4 bullish engulfing candle, then an H1 breakout towards the level of 1.31740 would drive the price towards the level of 1.32900. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.31782
- Stop Loss: 1.31340
- Take Profit: 1.32900
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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