GBPCAD short
#OPINIONLEADER# #GBP/CAD# #trading#
The price of GBPCAD is in an uptrend on the 4hour, but the daily sellers have stepped as the price made a big lobe-sided V formation on the 4hour. The pullback needed to drive the price to make a lower low has come on the 60 min. I waited for price to slowdown at the supply area before taking an entry.
CAD is gaining strength and GBP seems to be neutral at the moment. Reason why I chose GBPCAD. EURCAD, AUDCAD, NZDCAD, and CADJPY have all traveled far.
The Stop loss is above the supply area at 1.7230 and Take Profit is at Monday's low.
I will keep you all posted as the trade performs.
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