GBPUSD was bullish on the H4 chart in the last week. However, yesterday the price produced a Double Top at a key level and some consecutive H4 bearish candles. As things stand with the pair, sellers are going to take control of the pair. The sell trend looks stronger than the last buy trend as well. Let us have a look at the GBPUSD H4 chart.
GBPUSD Free Forex Trading Signals – 29th March 2017
As we see on the chart, that there is a Double top at 1.25900 area. Then, those H4 bearish candles breached last week’s up trending line. The price came up to 1.23750. Now it has been on consolidation. If the H4 candles hold the level of 1.24250, then there will be a selling opportunity upon the breakout at 1.23750. An H4 breakout would be the best, but an H1 breakout would do after an H4 reversal candle. Another thing, the price might go further up to have correction than the suggested resistance level here.
Let us have a look at the summary of the trade
- Sell Stop Order: 1.23750
- Stop Loss Level: 1.24250
- Take Profit Target: 1.22515
See how this market changes in few hours. Yesterday, before those H4 candles, GBPUSD had been bullish. Buyers were looking for the opportunity to buy the pair on weakness. All of a sudden, we had those H4 bearish candles. Apparently, they were produced from a Double Top level as well. These two things have changed the scenario on GBPUSD. Now, sellers are in control. They would jump into the pair to drive the price further down whenever there are opportunities.
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: GBPUSD Free Forex Trading Signals – 29th March 2017
The post GBPUSD Free Forex Trading Signals – 29th March 2017 appeared first on Advanced Forex Strategies.
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