GBPUSD has been trying to go towards the upside. The last two days the price has been making higher highs. Today the price has been trending towards the North after having a good support at an important level. If we see a breakout at the last week’s higher high, then there is a good chance that the price would head towards the upside by offering us a long entry. Let us have a look at the H1-GBPUSD chart…
GBPUSD Free Forex Trading Signals – 8th May 2017
As we see on the chart, that the price started its long journey from the level of 1.28450 and found its resistance at 1.29860. Today, the price came up to 1.29860. Then, it started going towards the upside. If it makes a breakout at 1.29860, then taking a long entry should get us some green pips as far as this chart and trader setup are concerned.
Let us have a look at the summary of the trade
- Buy Stop Order: 1.29860
- Stop Loss Level: 1.29470
- Take Profit Target: 1.30267
The way the price has been going towards the upside, it is more likely that we get a breakout on this rally. However, it might come down and make a breakout by making a “Double bottom”. If that happens, that would be even better. To make a Double bottom, the price might come a bit further down from the current support level. That would not invalidate the trade setup. As long as we get the breakout, we are good to take the long entry as this trade setup suggests.
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 – 8th May 2017
The post GBPUSD Free Forex Trading Signals – 8th May 2017 appeared first on Advanced Forex Strategies.
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