MT5 forum colleagues in MT5 forum. How is everyone ? Hopefully it will be healthier because we have entered the middle of the week, even though the weekly bonus is still not updated, but I still believe the forum admin is still doing the best for us all. Therefore, I never worry and still believe that sooner or later the forum will distribute bonuses as usual. Hopefully we all experience an increase in the number of bonuses as expected during this week. Do not forget to exercise to maintain fitness and health because soon we will arrive in the month of Ramadan, which means that a healthy body is needed to continue posting activities during the month of Ramadan.
Today I will share an analysis for the GBPUSD currency pair using the Daily and H4 timeframes. Hopefully this is useful for all of us.
"Bearish GBPUSD is still hampered by the 1.3800 support level"
GBPUSD Timeframe Daily Analysis
As seen from the Daily timeframe, the market conditions of the GBPUSD currency pair last night were apparently unable to continue the bullish movement. After successfully rising to the level of 1.3917, however, towards the opening of the London market the price turned downwards to a bearish path to the support level of 1.3800.
Today, buyers' troops are still trying to push the GBPUSD currency pair away from the support level. If this effort is successful then the next possibility is that the GBPUSD pair will reach the resistance level of 1.3900, but if later in the afternoon the seller's troops managed to break out the support level of 1.3800 again, the price of the GBPUSD pair will continue the bearish movement overnight.
The GBPUSD pair is still moving above the support level of 1.3800.
GBPUSD Timeframe H4 Analysis
To see the conditions of movement on a smaller timeframe, I tried to observe it through the H4 timeframe chart. In the picture below, it can be seen that on Monday to Tuesday afternoon, buyers' forces managed to push the GBPUSD pair up to the 1.3917 level, but a few hours before the London market opened, the GBPUSD price actually moved down until last night its bearish movement managed to reach the 1.3800 support level.
We will see how the next market will react after the price reaches the support level, if the seller's troops will continue to dominate, the support level will most likely be broken down to push the GBPUSD price down to 1.3700, but if you get resistance from the support level, the GBPUSD price will go up again. to the level of 1.3900.
Bearish potential is still blocked by the support level 1.3800.
• Based on observations on the GBPUSD currency pair through the daily timeframe and H4 which tends to move bearish, but because it still hasn't succeeded in breaking the support level 1.3800, I decided to do Entry Buy at 1.3828, TakeProfit 1.3900 and StopLoss 1.3780.
• If the price moves down and breaks the support level and touches Stop Loss, then I will do a Sell Entry.