GoldenEngine, a leading provider of forex trading signals and analysis, has recently recommended buying GBPCAD with a target range of 200 pips on the 4-hour chart for forex traders. This recommendation is based on a thorough analysis of the market trends and technical indicators, which suggest that the GBPCAD pair is likely to experience a bullish trend in the near future.
The GBPCAD pair represents the exchange rate between the British pound and the Canadian dollar. This pair is popular among forex traders due to its high liquidity and volatility, which provide ample opportunities for profit-making. However, trading this pair requires a deep understanding of the market dynamics and technical analysis, which is where GoldenEngine’s expertise comes in.
According to GoldenEngine’s analysis, the GBPCAD pair has been trading in a range-bound pattern for the past few weeks, with support at 1.7100 and resistance at 1.7400. However, recent price action suggests that the pair is likely to break out of this range and move towards the upside. This is supported by the bullish divergence on the MACD indicator, which indicates that the momentum is shifting towards the bulls.
Furthermore, GoldenEngine’s analysis also suggests that the GBPCAD pair is likely to benefit from the weakness in the Canadian dollar, which has been under pressure due to the recent decline in oil prices and concerns over the global economic outlook. On the other hand, the British pound has been relatively stable, supported by the positive economic data and progress in Brexit negotiations.
Based on these factors, GoldenEngine recommends buying GBPCAD with a target range of 200 pips on the 4-hour chart. This means that traders should aim to take profit at around 1.7600, which is above the current resistance level. However, traders should also set a stop loss at around 1.7100 to limit their potential losses in case the trade goes against them.
In conclusion, GoldenEngine’s recommendation to buy GBPCAD with a target range of 200 pips on the 4-hour chart is based on a thorough analysis of the market trends and technical indicators. Traders who follow this recommendation should be able to benefit from the potential upside in the GBPCAD pair, while also managing their risks effectively. As always, traders should also conduct their own research and analysis before making any trading decisions.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- Minting the Future w Adryenn Ashley. Access Here.
- Buy and Sell Shares in PRE-IPO Companies with PREIPO®. Access Here.
- PlatoAiStream. Web3 Data Intelligence. Knowledge Amplified. Access Here.
- Source: Plato Data Intelligence.