Hello everyone!
GBPCAD is under weekly bearish pressure but recently has bounced back up from an important multiyear demand zone.
GB Prime Minister's urgent resignation put selling pressure at the sterlina due to isntability.
I believe that this is temporary and GBP will rise again. But, at first PMI should be released and lets give space to the market to settle on Tuesday.
As price action, Friday's closure formed a long bottom wick indicating weakness of sellers. The pink descending trendline is broken which means a possible trend reversal to bullish bias in the medium term.
Price seems that has rejected 0.618 Fib level in the 4H TF and I a believe that after a very possible drawdown to 1.5236 area, the price will rally up to 1.600 ara.
Goodluck!
GBPCAD is under weekly bearish pressure but recently has bounced back up from an important multiyear demand zone.
GB Prime Minister's urgent resignation put selling pressure at the sterlina due to isntability.
I believe that this is temporary and GBP will rise again. But, at first PMI should be released and lets give space to the market to settle on Tuesday.
As price action, Friday's closure formed a long bottom wick indicating weakness of sellers. The pink descending trendline is broken which means a possible trend reversal to bullish bias in the medium term.
Price seems that has rejected 0.618 Fib level in the 4H TF and I a believe that after a very possible drawdown to 1.5236 area, the price will rally up to 1.600 ara.
Goodluck!
Trade active:
Active but partials have been taken at 100 pips
Comment:
nice had given +400 pips. closed at +227