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GBPCAD Price Action Analysis – 27th July 2017
GBPCAD has been having a strong bearish trend on the Daily chart. The price has been choppy on the H4 and H1 chart. However, today’s price action suggests that the price might head towards the South if we have a breakout on the downside. Let us have a look at the H1 GBPCAD chart…
GBPCAD Price Action Analysis – 27th July 2017
Have a look at the resistance zone. So far, the level of 1.63460 has been the resistance level, but the price might go further up to 1.63580. It does not matter from which level out of these two, but as long as we get a breakout at 1.63050, then an H1 reversal candle right at that level, then selling the pair would get us some green pips later today. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.63050
- Stop Loss Level: 1.63600
- Take Profit Target: 1.62400
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
Last night’s FOMC minute gave the USD another big shake. Today the USD pairs have to encounter another high impact news event at 12.30 GMT. Thus, traders should be careful for taking entries on USD pairs before the news event today. It would be best for the traders that they take entries after today’s news event. If the signal (today’s GBPCAD trade setup) comes before the news event, then it should come at least 2 hours before the news event takes place since the CAD is highly correlated with the USD.
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The post GBPCAD Price Action Analysis – 27th July 2017 appeared first on Advanced Forex Strategies.
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