GBPCAD Free Forex Trading Signals – 15th March 2017
GBPCAD has been in a range. However, the pair seems to have found its support at a Double bottom level. As things stand with the pair, it might offer us long entry according to the H4 chart…
As we can see that, the pair had its support from 1.63300. This is actually a Double bottom level. In fact, the price got bounced twice from there recently. The price then went up to 1.64050. Then, the price has been on consolidation. The level of 1.73700 seems to be the 2nd support of the move. Now if we have an H4 breakout right from this level, then buying the pair would be the best option. An hourly breakout should work here as well. Nevertheless, an H4 breakout would be the best considering today’s expected volatility.
Summary of the trade…
- Buy Stop Order: 1.64050
- Stop Loss Level: 1.63700
- Take Profit Target: 1.64630
Today the Forex market has some massive events to face. FOMC statement, Federal Fund Rate, FOMC press conference to be held later today. Today’s market can be very shaky. Thus, traders should be careful with the already opened positions as well as the positions that they are going to take before FOMC’s events. The best thing to do would be waiting for the events’ affect to get over. If traders get a trading signal after these news events, then they should take their positions. If traders get a signal earlier than the news events, then they should make sure that they take bit smaller lot than they usually take. Another thing they should be aware of that taking intra day positions would be very risky today. The market might get sluggish in the next 10/12 hours.
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: GBPCAD Free Forex Trading Signals – 15th March 2017
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