GBP/USD: The bull is on its way
|GBP/USD produced a bullish inside bar yesterday. A bullish inside bar is a weak bullish reversal candle but today's price action on the H1 chart has been very bullish. The pair is trading below yesterday's lowest low. As of writing, the current H1 candle is about to make a breakout at that level. If the chart makes an H1 breakout, the buyers may take a long entry upon breakout confirmation.
Chart 1 GBP/USD H1 Chart
The price had a bounce at the level of 1.29020 and created a strong bullish Marubozu candle. The last candle on the chart has been bullish so far. If the price heads towards the North and makes a breakout at the level of 1.29390 followed by another bullish candle closing above the breakout candle, the buyers may trigger a long entry.
Trade Summary
Entry: Buy above 1.29390 (after breakout and breakout confirmation)
Stop Loss: Below 1.29020
Take Profit 1: 1.29840
Take Profit 2: 1.30030
Take Profit 3: 1.30300
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