GBPCAD Price Action Analysis – 14th Jan 2019
GBPCAD had been bearish on the Daily chart. However, the last trading day’s candle came out as a strong bullish candle, which seems to have changed the trend on the H4 chart. The pair made some strong bullish H4 candles. The price has started having correction as well. This means a long entry might be underway. Let us have a look at the H4 GBPCAD chart.
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The level of 1.70570 is the level of resistance here and the level of 1.69660 is the level which has the potential to be the level of support. If the level is held and produces an H4 bullish engulfing candle, then an H1 breakout at the level of 1.70570 would drive the price go towards the North. Let us have a look at the summary of the trade…
- Buy Stop Order: 1.70600
- Stop loss: 1.69600
- Take profit: 1.72000
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GBPCAD and GBPUSD both the pairs are bullish on the H4 chart. In fact, the last H4 wave of GBPUSD looks very similar to GBPCAD. However, by having a closer look we find that the H4-GBPCAD looks slightly better over GBPUSD. GBPUSD’s H4 candles have longer spikes than GBPCAD’s. Thus, H4-GBPCAD chart looks stronger, clutter free, so it would attract more buyers to go long on the pair. Most probably, both the pairs would offer long entry. However, GBPCAD would run more precisely and have more liquidity. We must remember at the time of choosing a chart, we should choose one that is clutter free, has less spikes, and strong candles
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