The pair has broken its current arc to the upside which acted perfectly as a resistance since yesterday. This is showing buyers are coming in the game.
We have a confluence zone which is shown by the pink + white fibo levels (short-term and long-term price action). As you can see these levels match perfectly.
This confluence zone will be my target, around...
The overall market in the weekly has been ranging there for a recent rejection has occurred in the weekly resistance and there's a high chance price will come back down the the weekly support. The daily chart has been respecting the 50 FIB retracements towards the down trend. Price appears to be aiming for the golden zone .5 or .6 of the FIB around so we are...
Trade idea - Wait for bearish price action around the 1.71600 area which is a confluence of resistance on the 4H time frame.
Possible target around 1.70200 which would be a confluence of support.
Just another idea related to GBP. Seen this pair in a downtrend for a while but I saw bullish divergence on higher TF I am holding from near the bottom again but still looking for another runner after a retest. Should be a bit more in this move up! TP’s are listed. Place stops on levels of support. Do your own TA too!
Good Day Traders, I hope all is well.
These are my thoughts for GBP/CAD.
After a strong and lengthy downtrend price has begun to exhaust and has found a strong level of support. The market is creating a series of downside wick rejections on the 1hr and 4hr timeframe , indicating strong buy pressure.
Stop trying to always being right. I myself have lost...
We hold our trades until we a new signal posted, this trade banked +193 pips on the way down, now we have a Buy Position confirmed with our strategy on the chart.
Lets see how this plays out with GBPCAD.
Today I have a brief analysis on GBPCAD.
Friday we seen a release of CoT Data by CFTC.
What opportunities have arisen?
As you can see by my chart, I'm expecting a buying opportunity, backed up by bullish CoT outlook on GBP and bearish on CAD.
An increase of 9.5K roughly net positions for GBP and a decrease in CAD's net positions.
Since July 2018 GBP/CAD has been ranging between 1.77 and 1.67 with a little breakout in 2019 that touched 1.59 level.
The price has been falling for a while and now is approcaching a strong support level around 1.67.
My entry poit is just below 1.67 level, if the price had to reach this point I would seriously consider a long entry on this pair, definitely...