Monday, October 29, 2012

GBPCAD Short Trade GBPCAD Short Trade
Pair GBPCAD is hitting on a daily resistance area. This resistance area is highs of 15-June and pair is coming south today from this area. 

The rally in pair since 1.56 has been impressive but looks like it got struck here. I am expecting this area to hold and provide good resistance. A break above bring focus on May highs. GBPCAD Short Trade
For short opportunities, lets move to smaller timeframes.On H1 timeframe, pair has just broken 2 rising trendlines. One has supported price since 24-Oct and other has supported price since 18-Oct.

I am going short at current market price of 1.6055 for a possible move towards lower horizontal resistance area which comes at aproxx 1.5950. 

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