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GBPCAD has been very bearish on the H4 chart. The price has kept making lower lows. So far we have seen some massive H4 bearish candles. Some massive level of support got breached on the way of this bearish journey as well. Today’s price action suggests that the pair might go to an important level of resistance to complete the corrective wave. If things go as it normally does, technically then the pair might offer another sell entry. Let us have a look at the GBPCAD H4 chart…
GBPCAD Price Action Analysis – 30th May 2017
We see on the chart that the H4 candles have kept making lower lows. The price went down up to 1.71880. On its way, it made an important breakout at the level of 1.73530. Now what we have to wait for here is that the corrective wave goes up to 1.73530 and produces an H4 bearish reversal candle to offer us sell entry. Let us have a look at the summary of the trade…
- Sell Limit Order: 1.73530
- Stop Loss Level: 1.74500
- Take Profit Target: 1.72000
- Validity: 24 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
If you have been following our trade idea for sometime now, then you might remember that we recommended a trade on GBPCAD last week. The price acted exactly as we had predicted. The support level/zone, we thought that would play an important part that has become the potential resistance level/zone, which could drive the pair down again. This is what the financial markets do all the time. Support becomes resistance and resistance becomes support.
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