Thursday, June 18, 2015

GBPCAD Sell Recommendation June 18th 2015

Currency Pair: GBPCAD
Timeframe: Hourly Chart (H4)
Recommendation: Sell GBPCAD @ 1.9350
Take Profit @ 1.8850
Stop Loss @ 1.9600

The GBPCAD has rallied sharply especially after especially after the release of the Bank of England minutes, but I think we could see a repeat of what happened in 2014. Economic data out of the UK could softened this summer and therefore the risk remains for a correction in this currency pair.

I am looking for a pullback of 500 pips which would be healthy and in my opinion necessary if the GBPCAD is to trade above the crucial 2.0000 mark. I also think that the Canadian Dollar is extremely oversold and ripe for a correction of its own.

 PaxForex

2 comments:

Thanks for sharing, Sir. I jumped on this a little late, but there's still a good margin left until the take profit level. By the way, if you close the trade early, will you let us know? Thanks.

You are welcome John. I do not update if I close early so I recommend that you protect your profits with a SL. I may start a service where I will update live, but not sure when and how yet.

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