GBPUSD had a big gap on Monday opening. (Jan 16). Since then, this pair has been rising north, which seems like trying to close the gap. I would like to sell this pair, once it completes closing the gap at 1.2180, which is WPP. One concern though, is H4 21EMA which the candle is touching right now. Thus I will monitor M15 chart now, and if it shows the reversal sign, then I will short from the current level. Otherwise, I will wait until the gap is closed. The target should be WM1 (1.1972).

GBPUSD H4 Chart

One thought on “GBPUSD Trade Setup”

  1. adamp says:

    Good morning YJ, the plan looks good ! I have a the same plan, gotta watch out for Mrs. May today though, although it’s widely expected she will announce plans for a hard Brexit, it could get wild out there.

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