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GBPUSD Price Action Analysis – 9th Aug 2017
GBPUSD has been bearish on the H4 chart. The price broke a Daily bullish Trend line and since then the H4 chart has kept making lower lows. As things stand with the pair, the price might make another bearish move from an important level of resistance. Let us have a look at the H4 GBPUSD chart…
See that massive H4 bearish candle. Then, the price continued to move towards the downside. The level of 1.30200 has the potential to be a flip over resistance. If the H4 candles hold the level and it produces an H4 Engulfing candle, then we would have to wait for a breakout at 1.29510 to take a short entry. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.29500
- Stop Loss Level: 1.30200
- Take Profit Target: 1.28300
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
This trade setup has to be triggered today. There is another bullish Trend line on the Daily chart. Thus, the space for the price will be squeezed to travel towards the downside if it takes too long to produce the entry signal. Although it seems a huge gap between the resistance and breakout level, but H4-GBPUSD sellers have been very active as far as the H4-GBPUSD chart is concerned. Thus, there is a good possibility that we get the desired correction up to the resistance level and then the breakout. However, if it does not get triggered today, we might as well leave the trade setup.
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