. There is a possibility of temporary retracement to suggested support line (1.63415). 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 uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
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
Quick update on GBP pairs.
It's rallied into some key resistance levels on my charts. This could potentially signify exhaustion and lead to speculative selling/profit-taking in the very short term.
Keep a watch on the formation of this daily candle, if it posts some kind of inverted hammer or outside day, then I may look to sell some GBP pairs next week in...
Had 3 trades on gold last week and it was not playing nice. First trade was running 40+ and took a -20 pip loss, we then entered again a took a full 1R loss on this and then last minute at 4pm on Friday and we now running over 80+ and will be looking for new entries on this pair. Ive seen there is more china news speculating over the weekend and we have seen gold...
Last week, GBPAUD and GBPNZD were identified as potential buys and buyers did not disappoint
This week, GBPCAD could be the chart to concentrate on as price has broken the previous daily high and downtrend
Look for intraday buy setups should price stay above 1.6230
Feel free to message me on there or telegram or even here. @EdTab1
Talking about last week, next weeks ideas and some psychology insights behind the trades, Enjoy!
All ideas in video.