47 Week High!
Is a new 52 week high the next victim here?
Some interesting Price action here now midweek across the GBP Pairs.
There is still so much time left in the day to trade, However there is NO DOUBT that many traders will be eyeing the current price structure of this pair and its current appearance on the which Clearly looks LIKE A is forming,
But remember again there is still plenty of trading hours left in today for that Candle to really change its appearance by the time the day ends.
Our CURRENCY HEAT MAP has called GBP strength up until now which has clearly been working for this month of February.
Maybe its time for GBP to catch it breath having had such a run after the past few weeks.
CAD is still MID range and the Commodity CUREENCIES have remained overall for several weeks so GBPCAD may not be the optimal GBP trade at the moment unless in fact you want to be trading the RETRACEMENT as a MEAN REVERSION trade back to an obvious area of value where the bulls may come back in for another charge higher.
Whichever side you decide to trade the main thing here is to remember where large POOLS of LIQUIDITY remain on the chart.
On the side the 47 WEEK HIGH is a clear point and we have seen a strong reaction therefore if this is to go higher the 52 WEEK HIGH is a clear and obvious location.
Alternatively January 29 high @ 0.7640 if revisited will clear a lot of MONEY as the LONG TRADERS stops would have been cleared and the multi hour CONSOLIDATION under 0.7650 will be cleared too.