GBPCAD: Planning Short Entry After Breakout
GBPCAD broke and closed below a support line of a parallel channel on 4h last week.
Yesterday the price had retested the broken channel and was heavily rejected.
Now on hourly, the price is stuck between a channel's support and 1.735 minor structure.
This area serves as a local supply zone.
To short wisely I will wait for a bearish violation of yellow support (1H candle close below).
Then we can initiate short with 1.73 first goal.
in case if the price returns back within the boundaries of the channel,
setup will be invalid
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