Thursday, April 30, 2015

GBPCAD Sell Recommendation April 30th 2015

Currency Pair: GBPCAD
Timeframe: Hourly Chart (H1)
Recommendation: Sell GBPCAD @ 1.8580
Take Profit @ 1.8280
Stop Loss @ 1.8800

I just took my short position in the GBPCAD and suggest to take any breakout above its resistance level to enter short positions. The British Pound has rallied nicely and those who were long off of its support level should now seek to take some pips out of the market. I think we will see a profit taking reversal anywhere above 1.8570.

The UK GDP came in lower than expected, but the Canadian GDP may be just enough to rally the Canadian Dollar and push it below resistance from where I expect sell orders to flood this currency pair.



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