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GBPCAD Price Action Analysis – 1st June 2017

GBPCAD has had a massive bearish ride. We recommended two sell entries on the pair as well. However, things seem to be changed after yesterday’s move. The bearish Trend line on the H4 chart of GBPCAD has been breached by the bullish H4 candles and held. Thus, the pair might head towards the north by offering us long entry. Let us have a look at the chart…

As we see on the chart that the price failed to breach the previous support at 1.71900. Moreover, it produced two consecutive H4 bullish candles. On its way the level of 1.73450 got broken, which was an important level of resistance. If this level is held as the support and produces an excellent H4 bullish reversal candle such as a Pin bar or an Engulfing candle, then buying GBPCAD would be the best option. Let us have a look at the summary of the trade…

• Buy Stop Order: 1.74455
• Stop Loss Level: 1.73000
• Take Profit Target: 1.76000
• 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

The setup that we are going to keep our eyes on to take the entry is called linear trend. The risk and reward ratio is normally 1:1.25 here. However, the winning rate is excellent. I would say on an average 80 percent trade hit the target with good momentum. Another thing we have to see here that how quickly a sell market has been turned to a buy market. It takes only 2 right candles at the right place to change the trend. 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 Price Action Analysis – 1st June 2017 [thrive_link color='green' link='https://www.forexstrategieswork.com/the-price-action-club/' target='_blank' size='big' align='aligncenter']Join The Price Action Club Here...[/thrive_link]