GBP/USD has been heading towards the North for the last eight trading days. The pair produced a bullish daily candle yesterday as well. The H1 chart shows that the price had a bounce at the same level twice. If the price heads towards the North and makes a breakout at yesterday’s highest high, the buyers may trigger a long entry.
Chart 1 GBP/USD H1 Chart
The chart shows that the price had a bounce at the level of 1.29500 twice. At the last bounce, the chart produced a bullish engulfing candle. Since then, the price has been heading towards the North. As of writing, the pair has been trading around yesterday’s highest high. If the price goes above the level, the buyers may trigger a long entry. The price may find its next resistance around 1.31215, but it may continue its bullish journey and go towards the North further.
Trade Summary:
Entry: Buy above 1.30130
Stop Loss: Below 1.29500
Take Profit 1: 1.31215
Take Profit 2: 1.31700
Take Profit 3: 1.32285