GBP/USD has been bullish in the daily chart. The chart produced two consecutive bullish candles. The H4 chart shows that the price has been heading towards the North with good bullish momentum. The price has been in a bearish correction. The pair is trading around a significant level of support, which may end up producing a bullish reversal candle. If that happens, the buyers may go long in the pair above yesterday’s highest high.
Chart 1 GBP/USD H4 Chart
The chart shows that the price has been heading towards the North upon producing a morning star. The price had a rejection at the level of 1.25525 and produced two bearish candles. The level of 1.24800 has been working as a level of support. If the level produces a bullish reversal candle, the buyers may go long in the pair above the level of 1.25525. The price made a breakout at a down-trending trend line. Thus, it may go towards the highest high of the wave.
Trade Summary:
Entry: Buy above 1.25525
Stop Loss: Below 1.24800
Take Profit 1: 1.25900
Take Profit 2: 1.26200
Take Profit 3: 1.26665