The following is the GBPCAD 4 hr chart. If you check the graph you can see a support line (trend line). The support line is broken in the four hour graph and it retraced back to to the support line and it looks like now the support is acting as a resistance and exactly at the resistance lie a bearish candlestick formation is happened. I think it’s a good opprotunity for this currency pair to enter a short trade. What do you guys say?
The following are the pictures of GBPCAD 4 hr charts. The first one is zoomed out to show the whole picture. The second one is a little zoomed in to show some what bigger picture.
Click on the pictures to make them bigger.
GBPCAD four hour zoomed out picture:
GBPCAD four hour chart zoomed out
GBPCAD four hour chart bigger picture:
GBPCAD fourhour chart bigger picture
Also observe the daily chart. In the daily chart also there is support line which was broken.
GBPCAD Daily Chart:
GBPCAD daily chart
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