Hi Traders! GBPCAD bullish opportunity is forming at the moment. A detailed analysis of this buy setup is as follows:
GBPCAD H4 Chart:
On the H4 chart the price is moving inside a range, this range is formed by the highs and lows reaching similar resistance and support zones. The price which is respecting these two zones so far has currently reached the bottom of this range, if we didn’t get a valid breakout here we may then expect the price to move higher again. In addition to this we also have a double wave down and the price is nearing the 61.8 fibo level, we also have potential bullish divergence that is forming at the moment. We may now look for more evidences of bullish pressure on lower timeframes in order to join the bulls.
GBPCAD H1 Chart:
On the H1 chart we have a critical zone that has formed based on the fibo levels of the cycles (H4 double cycle and the two legs of the H1 cycle). We may now expect a push lower from the current zone towards this critical zone with the bullish divergence completing itself. We may then start looking for buys with more bullish evidences.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
I invite you to join me in my live trading rooms, on daily basis, and improve your trading with us.
Also you can get one of my strategies free of charge. You will find all the details here
Yours to your success