NOTE:- Chanel already broke. It's risky trade so no advice to trade with high leverage.
There are tow reason to buy at the current price
1.) Last support is not broken
2.) The last Green candle is with high volume. so the probability is not broke and moves up again.
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Happy Trade. :)
GBPCAD has been very obvious for this week, People blame that huge spike yesterday mornings on news, but it was Technically predictable, GBP is not in a down trend, is juts in a correction Pals, so watch out for more movement and better position to join the upward tren, avoid shorts when touching the golden fibonacci zone of this impulse.
PEACE
PS let me know...
This market has been steadily moving sideways for the last 8 hours, indicating, to me that there will be an opportunity presented in the near future. Whether it be tonight through the London session, or in 7.5hrs for the New York market to open, the opportunity is there. Personally, I notice on the 4h TF, there is loads of liquidity sitting at the 1.74500 level...
GBPCAD broke and closed below a support line of a parallel channel on 4h last week.
Yesterday the price had retested the broken channel and was heavily rejected.
Now on hourly, the price is stuck between a channel's support and 1.735 minor structure.
This area serves as a local supply zone.
To short wisely I will wait for a bearish violation of yellow support...
Hello traders this is my trade idea about GBPCAD.
Please post your idea in comments or write your opinion I will be very happy!
*This is not financial advice. I am not a licensed financial advisor. Seek a licensed financial advisor before making any investment decisions*.
Price broke out of respected trend, and above key area. We will look for a pull back and retest previous structure and our golden FIB zone and then enter a LONG
Plan: wait for the price to bounce off from resistance level --> wait for the rejection candle pattern to form e.g. bearish engulfing, pinbar, etc --> SELL
**Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
Traders!! if...
1D - uptrend channel, breakout of ascending triangle, retesting possible resistance-turned-support (also 20EMA) with a large black candle.
4H - breakdown of uptrend line, downtrending, hammer, RSI near oversold.
Expect pullback to 4H down trend line, then await for continuation down to 50EMA level.
![GBPCAD: GBPCAD [H1] GROW AND FALL](https://s3.tradingview.com/r/RKKEMu2h_mid.png "GBPCAD [H1] GROW AND FALL")
