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GBP/USD: The Bull is about to make another breakout

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

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Thursday, 30 Jul, 2020 / 3:50

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