Hi Traders! GBPCAD classical range breakout provides buy opportunity for us. In the below video you will find a detailed explanation of this potential bullish opportunity:
GBPCAD Daily Chart:
On the daily chart the price has broken above the top of the range which we were trading previously and we also could see everything required to confirm this breakout as a valid one. We may consider this as an evidence of bullish pressure and we may now look for more evidences of bullish pressure on lower timeframes in order to join the bulls.
GBPCAD H4 Chart:
On the H4 chart we could see that we have a five leg structure that has formed with bearish divergence at the end of it, which means most likely we may get some correction. The correction might happen in the form of double wave down towards the critical zone shown in the screenshot. Once the correction completes 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.
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