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
Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.
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