GBPCAD took a strong Bearish move on the H4 chart. Last Friday’s candle came out as a Bullish candle though. Thus, it might be the time for the pair to make a move towards the North. Let us have a look at the H4 GBPCAD chart.
GBPAUD Price Action Analysis – 29th Oct 2018
As we see after being Bearish, the pair seemed to have found a level of Support. The price had a bounce from the level of 1.67590 three times. The level has been held by today’s price action as well. If the price keeps going up and makes an upward breakout at the level of 1.68450, then buying the pair would get us some green pips. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.68450
- Stop loss: 1.67590
- Take Profit: 1.70140
- 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
None of the currency in the pair has any high impact news event today. Thus, the pair would run technically. However, the CAD has a high impact news event tomorrow at GMT 19.30. The pairs that are related with the CAD would get some volatility for the news event tomorrow. If everything goes well with today’s trade setup and we get the chance to take the entry, then we will have enough time to keep our entry and hit the target. Another thing we might have to take into account, the current month is about to be ended. The market will run smoothly for a day or two before the month end volatility takes place.
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