GBPCAD hitting oversold areas

June 20, 2014 by

GBPCAD hit oversold areas which was represented on the RSI (on H1, H4 and D1 charts). The reason for the huge selloff was on the back of stronger than expected retail sales from Canada. As well as being oversold, the pair also hit a upward sloping trendline on the H4 chart. I have bought on the line with a stop loss at 1.8215, take profit at 1.8445. Below is the H4 chart of GBPCAD.