We were looking for sell opportunities in the GBPUSD pair, and we got one recently. There was a trend line break on the hourly chart, which was a signal for us to enter a sell trade. It played well. Now, I think we are heading towards a support area on the 4-hours chart in the form of a bullish trend line. So, if the pair trades near it, there is a chance of buyers appearing around the trend line support for a push higher.

So, I think if the pair find buyers and corrects higher, then we might look to enter a sell trade once again in the short term.

Technical Analysis

H1– Chart highlighting the trend line break and a successful sell trade.

Entry:

H4– We can enter a sell trade in the GBPUSD if it moves closer to the highlighted trend line, finds support and corrects higher in two waves.

Target 1: 1.5680
Target 2: 1.5640
Stop Loss: Above the last high created around 1.5810

Video Explanation:

Yours,
Vladimir