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GBPCAD Price Action Analysis – 27th June 2017

GBPCAD has taken a pause after being bearish on the H4 and the Daily chart. However, it seems that the pair is getting ready to make another bearish move. As far as the H4 chart is concerned, the price has been trapped within a down trending channel. The price is near to the resistance of the down trending channel, so it might be the time for the sellers to get ready and start selling off the pair as far as the H1 chart is concerned. Let us have a look at the H1 chart….

Just by looking at the H1 chart, the trend is not clear. However, the H4 chart clearly suggests that the price is near to the resistance level of a down trending channel now. The level of 1.68750 has the potential to be a strong level of resistance as well. If the level is held and makes a breakout at the level of 1.68225, then the pair is good to go towards the level of 1.67380. Let us have a look at the summary of the trade…

• Sell Stop Order: 1.68250
• Stop Loss Level: 1.69000
• Take Profit Target: 1.67400
• 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

Here we have analyzed the H4 chart to find out the trend. We are going to use the H1 chart as our trigger chart. Although, H1 chart does not show the bearish bias here, but the bigger chart does. The market is often like this. If we do not get clear bias on both charts, then we have to go with the bigger one to identify the trend.

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We hope that you enjoy our Free Forex Trading Signal today: GBPCAD Price Action Analysis – 27th 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]