GBPCAD bouncing nicely on 4hr and daily tf, expecting some bullish movement from this pair to around 1.7520 zone
Also looks like the drop could allow for a weekly engulfing candle if the pair continues up as expecting.
Daily Chart View
The pound has been bearish this week, if you followed my trades last week I made a healthy profit on GBPUSD trade which I was looking to hold longer however I closed that yesterday and banked some profits and will look to re-enter long if I see a new opportunity.
With this pair price seems to be moving south also - from the chart you can see the...
. There is still a possibility of temporary retracement to suggested resistance line (1.7455). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. GBPCAD is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a...
with Covid-19 currently I'm being careful trading, reduced my position size
Possible sell set up, depends where the 1 hr candle closes. but I do see some strength coming back in the pound so may see a break
answering questions about GBPCAD
I currently don't have any active positions on this pair,
I am very bearish on GBPCAD at the moment.
first of all, the pair has recently formed a beautiful double top with rsi divergence.
In addition to that, the pair is trading on a strong level of horizontal resistance in...
on GBPCAD next week I will expect bullish continuation within a rising parallel channel.
On my focus will be a supply zone around 1.64 level,
I will be looking for a short trade in this area.
Bearish breakout of a channel will be a perfect signal for us to open sell.
Target levels: 1.62 1.60
Support purple arrows
Look how many times price has used our support and resistance zone, easy to see its a very strong zone and ready for a reversal, add in the fact that this zone lines up with our trend line that has also been very well respected we can only see a reversal coming after price has had a big push down the past few hours.
Here we have GBPCAD going short we feel it might go back up to the last high but then fall down to 171800 roughly. this could be a good trade if you are okay with the large SL in place we are in this trade to.
Simple setup here on GBPCAD. The overall trend is down and we are currently in this descending channel. Potentially in for a third bounce with a decent risk to reward ratio. Stops placed above the previous high.