GBPUSD: Looking for Sell from Resistance | January 19, 2017

Gbpusd filled its gap with strong bullish movement. This pair found resistance at 1.2415 level and formed double top level on that area. On h4 time frame, it formed bearish engulfing pattern. So it confirmed bearish movement again. Now we need to wait for bearish opportunity on this pair.

Sell trade setup

1.2350 level is good for sell level

If any bearish candle formed on this level, then sell signal would be confirmed.

Bearish candle can be bearish engulfing, pin bar etc.

Take profit & Stop loss

TP will be 1.2300 level and then 1.2200 will be final take profit level. If you get 30 pips profit, then close 50% position of your trade and move your SL on the entry point.

SL will be 30-50 pips. You can set SL at 1.2420 level.


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