Hi Traders! GBPCAD short term forecast and technical analysis is here. We do our analysis on the MetaTrader4 platform (MT4), some very interesting, useful tips and hacks about the MT4 platform could be found here. If you would like to learn more about the way we trade and the technical analysis we use then check out the Home Trader Club Spoiler alert – free memberships are available!
On the daily chart, the price moved lower and broke below the most recent uptrend line, which we may consider as evidence of bearish pressure. In addition to this, the price which is moving lower has broken below a strong support zone formed based on the volume profile zone of the KTLI indicator which we may consider as yet another evidence of bearish pressure. Also, after the breakout this support zone is acting as a strong resistance zone and price is currently retesting this breakout zone. We may now move down to lower timeframe and see if we can find evidences supporting this short term bearish view.
On the H4 chart, we have a strong bearish momentum and also currently there are no signs opposing this short term bearish view. So everything looks good for the bears here as well. In addition to this, we have two key resistance zones that has formed based on the volume profile zones of the KTLI indicator and the Triple B Pro pivot levels. Until both these key resistance zones shown in the image below (marked in red) holds my short term view remains bearish here and I expect the price to move lower further after retraces.
GBPCAD D1(Dailly) Chart Analysis
GBPCAD H4(4 Hours) Chart Analysis
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short-term sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
Also, don’t forget to protect your sell trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.
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Arvinth Akash
Home Trader Club Team.
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