Hello traders. On this 4H analysis of GBPCAD, we have a double bottom setup. We can see that price was rejected twice from the 1.67300 region, creating our First Bottom (1ST BTM) and Second Bottom (2ND BTM). An entry reason for this long position would be a break and close above the neckline in the 1.69050 region. The 1.71150 region is seen as a good support level where price may go next. Price may also go to the 1.74800 region.
Trade closed: target reached