GBPCAD outlook

GBPCAD 4H chart: 

GBPCAD is on a very bearish trending momentum since 09.06.2017 with a lower low lower close candle (below chart). We would like to profit of this market by trading the pullbacks/retracements to catch  trend continuation setups.

Trend continuation setups are quite profitable because price action may put lowers lows on bearish trends and higher highs on bullish trends and make big moves.

As we can observe on the below chart, depending of your trading time frame and confirmations (pin bar, harmonic patterns,..), a good range to short this pair would be the range between the Near-term Daily supply zone and the 4h supply zone.

Traders may protect their risks above previous high (near-term daily supply zone) and target a retest of structure 4h demand zone. Once price closes below 4h demand zone, traders may apply trailing stop techniques and catch more pips as price put lower lows.

GBPCAD 4h

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