GBPCAD - Daily - Uuuummm... Good one.
Right... OK... Eeemmm... Interesting...
It seems that this pair likes triangles. Ascending, descending, symmetrical... You name it. Should we complain? No. This is nice.
If you would like to trade this pair now, you can try and do that, but at the moment it looks risky as it could go anywhere within this triangle formation.
To be very safe, you could enter either direction when the 4h candle closes above or below the triangle. But, be careful, there is a possibility of forming a false break out after a few days, so that means it could change direction and get back into the triangle.
All these are just possible scenarios that we should watch out for on this pair.
My bias is more to the downside at the moment. It might change, depending on the activity.
As always, keep an eye on the price action!
It seems that this pair likes triangles. Ascending, descending, symmetrical... You name it. Should we complain? No. This is nice.
If you would like to trade this pair now, you can try and do that, but at the moment it looks risky as it could go anywhere within this triangle formation.
To be very safe, you could enter either direction when the 4h candle closes above or below the triangle. But, be careful, there is a possibility of forming a false break out after a few days, so that means it could change direction and get back into the triangle.
All these are just possible scenarios that we should watch out for on this pair.
My bias is more to the downside at the moment. It might change, depending on the activity.
As always, keep an eye on the price action!