FX:GBPCAD   British Pound / Canadian Dollar
React off what the market gives you, don't predict the market. These are two scenarios which could happen and how I would approach a trade if it set ups accordingly. Personally, my bias is bearish as GBP should become very week over the next few months due to fundamentals. Second wave COVID probable as well as the possibility of any negative Brexit news for the UK it is highly unlikely GBP will see a long run to my end TP for the buy scenario. Setting SL to BE will be a priority for the buy trade.

I am confident if the sell setup does happen the TP - or area of TP - will be accomplished.

For both setups, confirmations will need to be seen before placing any trades, this is a norm for all trades. Do not go into trades blind.
Comment: I actually think 1.70380 will be the prime area for a rejection, will use the 1 hour for confirmations.
Trade closed: stop reached: Short position stop reached. In hindsight, the stop loss was very tight as well as I did not account for this news when analysing on the weekend. Unfortunate, however this is why I advise to only risky 1% per trade.

With the bank of England looking to cut interest rates to negative, we may see some long GBP formations soon. Wait and see what the market tells us.


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