Dear GBP/USD Trading Signal Traders

Last time’s trading signal brought some great returns. I have personally took my profits and moved on. The price action on DAX starts showing some hesitance and definitely profit taking. There was an inside bar today and it has formed just under a resistance area and this adds more weight on the selling mood. For now I am not considering shorting DAX, but prefer to move on another instrument that is showing me some bullish momentum.

The GBP/USD is showing me bullish indication. As you can see from the screenshot, there is a bullish engulfing pattern on the daily timeframe. This candlestick pattern has formed just above the near support level (also marked) and now I am considering going long. The entry for this trade would be at 1.5300 and the stop loss just under the level of 1.5230. My primary target is the level of 1.5450. From there, it will all depend on price action.

Happy Trading,

Colibri Trader

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