The GBPCAD is trading in a bearish market condition, if you take a look at the daily chart, you’ll see that it was rejected from an important LT resistance level, and it is likely to continue its way down until it hits the next LT support level:
I’m risking 57 pips for the chance to make 251, RRR = 4.4:1, good one ha?
Remember, it needs to go back to 1.6154, I wouldn’t recommend entering the market above this level. the GBPCAD is currently trading at 1.6184
Tags: GBPCAD Analysis