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GBP/USD: Does the Bull resume its run?


GBP/USD has been bullish on the daily chart. The chart shows that it produced a bearish reversal followed by a bullish reversal candle on the daily chart last Friday. The H4 chart shows that the price has been bullish. It has consolidated, and it may have found its support. As of writing, the current candle has been bullish. If the candle closes out as a bullish reversal candle, the buyers may find an opportunity to go long in the pair.

Chart 1 GBP/USD H4 Chart

The chart shows that the price after being bullish made a bearish correction. Upon finding its support, it has been heading towards the North again. The price had a rejection at the level of 1.25130 and produced a spinning top. However, the current H4 candle suggests that the price may have found its support, and it may end up being a bullish reversal candle. If that happens, the buyers may go long above the level of 1.25130.

Trade Summary:

Entry: Buy above 1.25130

Stop Loss: Below 1.24780

Take Profit 1: 1.25260

Take Profit 2: 1.25370

Take Profit 3: 1.25500

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