GBP/USD has been bearish in the daily chart for several days. The pair produced a bearish candle yesterday as well. The H1 chart shows that the price breached through yesterday’s lowest low. As of writing, the pair is trading below the level. If the price makes a bullish correction and produces a bearish reversal candle, the sellers may find a short opportunity.
Chart 1 GBP/USD H1 Chart
The chart shows that the price made a bearish breakout at the level of 1.24060. As of writing, the pair is trading below the level. The sellers are to wait for the price to make a bullish correction. At the correction, if the price makes a reversal at 1.24060, the sellers may go short in the pair below the level of 1.23850. As far as the H4 chart is concerned, the price has enough space to travel towards the South. Thus, the sellers may consider taking a partial profit at Take Profit 3 and let the rest of the trade run.
Trade Summary:
Entry: Sell below 1.23850
Stop Loss: Above 1.24060
Take Profit 1: 1.23370
Take Profit 2: 1.23135
Take Profit 3: 1.22190