GBPUSD has been Bullish on the H4 chart. The last Friday’s Daily candle came out as a Bullish Engulfing candle. That has set a Bullish tone on the pair. Today’s first two H4 candles came out as corrective candles. If the current candle ends up being a Bullish Engulfing Candle and we get an H1 upside breakout, then buying the pair would get us some green pips. Let us have a look at the H4 GBPUSD chart.
GBPUSD Price Action Analysis – 2nd July 2018
Have a look at the chart. The level of 1.31680 has the potential to be a level of H4 support. If this level produces an H4 Bullish Engulfing Candle and we get an H1 breakout at the level of 1.32090, then the price would head towards the level of 1.32900 without having that many pauses. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.32090
- Stop Loss: 1.31680
- Take Profit: 1.32900
- 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
June and July are usually quiet months of a year in the Forex market. June was a quiet month. This is the first week of July. Let us assume this month would test our patience as well. We might not get as many entries as we usually get (apart from December and January). Let us be mentally prepared to trade less but watch more in this month too. A few opportunities will come and we would try to grab those. However, we must not push ourselves too hard or be impatiens in this month.
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