GBPCAD 1h Rising Wedge (Bearish Continuation)

FX:GBPCAD   British Pound / Canadian Dollar
As you can see on the chart we have 3 major confluences.
  • Test and Rejection of 200MA (This shows us that we are in a bearish market right now)
  • Decreasing Volume
  • We are also in a long term downtrend which shows us that overall this pair is going to go down

Once we see a breakout of this rising wedge I would recommend placing a sell order with SL above the highest-high of the rising wedge , and your TP at wherever you feel like the market will push to.
Comment: Good job to anybody who took this. Sentiment on this pair was net long and the banks took it the other way, which was another major confluence. I cashed out on this one early because I don't want to have too many positions open at once, +77 pips.


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