Buy GBPCAD after the recent correction
We have seen a decent correction in GBPCAD over the last few weeks. However, price action indicates that things might turn around very soon.
I believe a reversal is on the way for GBPCAD.
Technically, a) Price is finding support at the 100D EMA.
b) A descending wedge formation is taking place.
So, I will be looking to go long in the 1.6850-1.6950 zone with SL below 1.6780. If the trade goes into profit, we can Take Profit(TP) at 1.7080, 1.7200 and 1.7500.
I believe a reversal is on the way for GBPCAD.
Technically, a) Price is finding support at the 100D EMA.
b) A descending wedge formation is taking place.
So, I will be looking to go long in the 1.6850-1.6950 zone with SL below 1.6780. If the trade goes into profit, we can Take Profit(TP) at 1.7080, 1.7200 and 1.7500.
Comment:
100 pips up from the buying zone
Comment:
First TP reached
Trade closed: target reached:
I have closed my trade with 340 pips profit