GBP/USD: The bull is on its way

EagleFX Team EagleFX

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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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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