GBP/CAD: 4-hour
And for those looking for a simple retracement setup, y’all didn’t think I’d leave you out, did ya? Here’s a break-and-retest scenario on GBP/CAD’s 4-hour forex chart, as price appears to be bouncing off the 50% Fibonacci retracement level. This lines up with a broken support area around the 1.7900 major psychological level. Stochastic is moving down, confirming that pound sellers might push for a move down to the previous lows around the 1.7550 minor psychological support. A break past the Fib levels, however, could mean that pound buyers are getting the upper hand.
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