GBPCAD LONG TRADE SETUP

Hi traders:

Here on GBPCAD we have a breakout of the falling wedge on the 4 hr chart. We know that GBPCAD is over extended on the daily chart, and has rejected support around 1.6300 area. Waiting for a pullback, high low to form on the 4 hr chart to go long is a good idea.

Potential target the daily 38.20% fib level for a nice risk:reward trade.

Thank you for your support and feedback.

Comment:

Here is the daily chart:

Trade closed: target reached:

Target 1 hit: 3:1 risk reward ratio achieved.