GBPCAD made a huge H4 Engulfing candle right at a Double bottom level. The price then continued making higher highs as well. This suggests that the pair is in strong buy trend. However, the price has been having correction now. Let us find out the levels, that might be the support and the breakout level...

See the massive H4 candle, which was created at 1.63100. This is a Double bottom level as well. This means the price has its strong support at this level. The price then went up to 1.65430 and started having correction. As things stand with the pair, the level of 1.64490 might come into play and act as a level of Support. If it really does, then we should wait for a breakout at 1.65429. The pair has the potential to go towards the North up to 1.67000. This means the risk and reward ratio here is lucrative for the buyers. Let us have a look at the summary of the trade...

• Buy Stop Order: 1.65429
• Stop Loss Level: 1.64490
• Take Profit Target: 1.67000

Although this analysis has been done upon the H4 chart. However, the gap between the breakout and Support level is huge. Thus, the pair might take time to test the support level and even more time to make the breakout. This means buyers have to be patient here. To some extent, this chart looks to fit with the daily chart more than the H4 chart. Traders are advised to keep their eyes on the Daily candle pattern as well to be sure. 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 - 20th March 2017