GBPUSD has form Pin bar on H4 chart as we can see on the GBPUSD analysis chart. A bullish candle has formed after the pin bar. There was near term support zone at 1.2210-20 level. This pin bar tried to break yesterday but failed to break because of buying pressure.
1 Hour chart Analysis
In H1 chart, bullish engulfing pattern formed from thesupport zone. It indicates bullish signals from the support zone.
4 Hour Chart
As said earlier, Pin bar formed on H4. Looking for little retracement to buy again.
Daily candle is indicating for bullish pull back. For that we need to wait for today’s candle. If it close above 1.2300. Then it will be long term buy on this pair.
Looking forward another bullish push to the upside after we pullback to 1.22840. Buy above the support level, target for day trading can be 30-100 pips.
If we find bullish candle on daily chart, We can target 1.2370 resistance level. Buy or hold your trade if this pair can break upside resistance level.