GBP/USD: Breakout level to produce a bullish reversal candle for the bull
|GBP/USD produced a bearish inside bar on the daily chart yesterday. As expected, the price has been bullish on the H1 chart. The price made a bullish breakout at a significant level of resistance. The pair is trading around the level as of writing. If the level produces a bullish engulfing candle, the buyers may get an opportunity to go long on the pair.
Chart 1 GBP/USD H1 Chart
The chart shows that one of the H1 candles breached through the level of 1.29625 and traded above the level for two more candles. As of writing, the last candle has been bearish and the price has been trading right at the level. If the level holds the price and produces a bullish engulfing candle, the buyers may trigger a long entry above the level of 1.29770.
Trade Summary
Entry: Buy above 1.29770
Stop Loss: Below 1.29625
Take Profit 1: 1.30140
Take Profit 2: 1.30250
Take Profit 3: 1.30440
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